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IAMAI appeals for regulation amidst proposal of crypto ban

The Internet and Mobile Association of India (IAMAI) urged the government last Wednesday, March 10 to create a set of regulations instead of pushing through with the proposed cryptocurrency ban.

IAMAI released a statement that the cryptocurrency community has over 10 million users which is why it’s important to set up regulations rather than enforce a ban.

‘The crypto community consists of over 10 million crypto holders holding over $1 billion worth of crypto assets, 300+ startups generating tens of thousands of jobs and hundreds of millions of dollars in revenue and taxes. There’s a daily trading volume of $350 million to $500 million,’ IAMAI indicated in a press release

The non-profit organization continues by saying that banning all activities related to cryptocurrency will have an adverse effect on customers and start-ups alike.

‘We are urging the government to define the cryptocurrency regulation framework after due consultation with IAMAI and stakeholders such as Indi crypto-asset groups and the exchanges that facilitate buying and selling.’

According to an article by the Economic Times last February, some clauses in the bill cover the prevention of buying, selling, dealing, and promoting any activity related to cryptocurrency. However, other contents of the bill are not clear yet.

If and when the bill is passed, all cryptocurrencies must be declared and disposed of within 90 days. The punishment for violators can include fines, imprisonment or both.

Last March 5, the Minister of Finance of India Nirmala Sitharaman spoke with CNBC-TV18 in an exclusive interview about cryptocurrency.

‘We want to make sure that there is a window available for all kinds of experiments which will have to take place in the crypto world,’ Sitharaman stated. Moreover, she added that the government isn’t completely against the idea of cryptocurrency regulation in the country.

In January 2021, the Indian government proposed the Cryptocurrency and Regulation of Official Digital Currency Bill which aims to ban all efforts to mine or trade private cryptocurrency in the country. This created problems for crypto traders and startup companies that invested in the industry.

The IAMAI is a non-profit organization based in Mumbai that aims to improve and expand the mobile and online services of the country. The group was founded in 2014 by Anupam Mittal along with other local tech experts in the industry.

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