According to the Business Insider report, the company behind the 4th largest cryptocurrency, Ripple Labs has come out with a regulatory framework to keep India from banning crypto in the country. Earlier, the Supreme Court of the country had overturned the banking ban on crypto in a historic decision. However, the crypto regulations in India are still in a grey area as they are no specific regulations regarding the industry. Ripple’s framework emphasizes the need for digital assets like cryptocurrencies. It is aimed at convincing Indian authorities to take a more balanced approach towards crypto.
“Indian policymakers should take a forward-looking approach like other Asian countries.”
The Managing Director, South Asia & MENA, Ripple, Navin Gupta, said that now is the time for India policymakers to take the forward-looking approach that many other jurisdictions in Asia, such as Singapore and Japan, have already taken. “Responsible usage of blockchain technology and digital assets can introduce the tremendous potential to the Indian economy,” Navin added. The crypto market in India has been expanding ever since the Supreme Court’s decision to overturn the RBI’s banking ban on crypto earlier this year.
Is India planning to ban crypto?
As reported earlier, India’s finance ministry has sent the proposal for inter-ministerial consultation this month. The department then expects to forward the plan to its top cabinet, which operates directly under the country’s Prime Minister Narendra Modi. The move further allows the inter-ministerial committee’s proposal to be tabled as a bill in the Lok Sabha, the lower house of the Indian parliament. It is speculated that the proposed bill could criminalize the use of crypto in India.
Earlier, one of the leading crypto exchanges in the world Binance joined the crypto committee of the Internet and Mobile Association of India, the tech organization that led the petition that sought the overturn of banking ban on crypto.