Regulations

The Indian crypto community meets to suggest regulatory ideas to the government

The Indian crypto community is not sitting back and waiting for the government to impose rules on them. The community is meeting in town halls to share their ideas on how the government and financial regulators should tackle the regulatory issues in the country.

The meetings are being facilitated by Blockchained India, a group of blockchain enthusiasts, across the country in four different cities. The group is engaging the crypto community along the lines of regulations and whether India needs to formulate regulations to govern crypto activities in the country.

Among the cities where the crypto community is converging include the Mumbai, Delhi, and Hyderabad, and Bangalore. These are some of the largest cities in India and are home to the largest crypto communities in the country.

According to Manav Ailawadi, a member of Blockchain India:

So far, everything that has been happening on a national level (for crypto) has been about cryptocurrency exchanges, primarily. We wanted to unite the community which also includes investors, stakeholders, developers, and make them a part of the conversation.

The ideas presented by the crypto community will then be screened and “the best ones will be included in the report to be submitted to the decision makers amongst the government.”

Blockchained India has not restricted ideas to just the ones presented during the meetings. For those unable to attend, the group is urging them to email their ideas so that they can be sifted together with those collected in the meetings.

The meetings have also been attended by individuals managing crypto exchanges in India. One of them was Nischal Shetty, CEO, Wazirx, a crypto exchange. The CEO noted that he started a campaign “tagging the ministers… hoping someday they will notice us.”

Towards the end of last month, the supreme court in India ruled that a regulatory framework around cryptocurrencies should be in place within four weeks from the time of the ruling.

Do you think there is a likelihood that the ideas presented by the Indian crypto community will be factored in by regulators when developing crypto regulations?

Let us know your thoughts in the comments section below.

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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