India’s crypto landscape has been marred with a lot of uncertainty. The Reserve Bank of India (RBI) had earlier prevented banks from servicing crypto businesses and customers, a decision that forced many businesses to either shut down or move shop. Although this decision has since been overturned, the RBI is making moves to ban all private cryptocurrencies for the second time. The plan has been met with a lot of reactions, both in favor and against the move.
The latest kick against India’s move to ban digital assets comes from the country’s Internet and Mobile Association. Rather than an outright ban, the association is calling for better crypto regulations. According to them, the crypto industry could be very beneficial to the Indian economy. They said:
Given the scale and diversity, the good governance and regulation of the cryptocurrency ecosystem in India is critical and will give impetus to the government of India’s Digital India vision.
As reported by BTC PEERS, there are plans to introduce a bill that would outlaw private cryptocurrencies, possibly including Bitcoin and Ethereum. But officials have not all come to embrace the move. India’s Minister of State Anurag Thakur, for instance, said that the government needs to carefully study the industry before making a decision.
The next few months will be very pivotal in shaping India’s crypto landscape.