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Several cryptocurrency exchanges operating in India plan to jointly reach out this week to the country's top financial decision makers, including Finance Minister Nirmala Sitharaman and the central bank, to suggest solutions aimed at establishing the investment credentials of an asset class that faced stiff regulatory resistance in the past.
Nischal Shetty, co-founder and CEO of the crypto exchange platform WazirX, said that the Blockchain and Crypto Council, a subcommittee under the Nischal Shetty, co-founder and CEO of the crypto exchange platform WazirX, said that the Blockchain and Crypto Council, a subcommittee under the Internet Mobile Association of India, has drafted a presentation note. ET has reviewed the note with recommendations on how to regulate crypto and address risks associated with cryptocurrencies, such as money laundering, the threat to rupee, and the industry’s environmental impact.
This presentation will also be shared with the Department of Economic Affair and the Ministry of Electronics and Information Technology, Shetty said.
On February 24, central bank governor Shaktikanta Das reiterated his concerns over cryptocurrency and advocated a ban.
"We have certain major concerns about cryptocurrency. We have communicated them to the government," Das said in a TV interview. “..on crypto we have major concerns from a financial stability angle which we have shared with the government,"
Shetty, who is part of the push along with six other exchanges, said that the crypto exchanges have used the last two months to understand the concerns of the officials and come up with a comprehensive set of solutions.
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