NS Nappinai, CIO of Economic Times, cyber law expert and Indian supreme court advocate, has offered the nation some ideas for cryptocurrency regulation in India, as reported by Bitcoin.com.
According to her, if done correctly, a crypto regulatory framework would go a long way towards enhancing openness in the government and industry, but warned against a “one size fits all” approach that would become a hindrance to the industry:
“Regulation would ensure transparency, oversight and accountability. The onus or burden on the government may be shifted to exchanges or other platforms offering virtual currencies or trading thereon.”
Nappinai suggested that the regulations use specific terms for the functioning of exchanges to regulate all the different types of digital assets that can be traded, their reporting methods, and restrictions, while incorporating investor protection provisions. Referencing a recent rumor about the ‘Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019’,She even questioned the legality of banning cryptocurrency:
“There is also debate on whether cryptocurrency can be banned at all. After all how would the government enforce it without infringing on the privacy of all. Any form of electronic device may be used to store cryptocurrency.”
Her comments come during a time when the Reserve Bank of India (RBI), the central bank, has excluded crypto enterprises from participating in its new national regulatory sandbox, despite pressure from the fintech industry and other communities to do otherwise. RBI had, in January, also withheld from a previous plan to use a central bank digital currency.
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