The Internet and Mobile Association of India (IAMAI) appealed to the Indian government not to ban cryptocurrencies.
The IAMAI is proposing the government introduce “robust mechanisms” to regulate the cryptocurrency sector because the country could see considerable benefits from digital assets such as job creation, according to a report.
“Given the scale and diversity, the good governance and regulation of the cryptocurrency ecosystem in India is critical and will give impetus to the government of India’s Digital India vision,” said the IAMAI.
The Indian government is planning to introduce a bill into the parliament’s ongoing budget session that would ban “private cryptocurrencies” but the scope of the bill is unclear.
However, India’s Minister of State for Finance, Anurag Thakur, said the government needs to study national security risks posed by virtual currencies before making any decision on their legality.
The IAMAI previously helped the successful challenge of the central bank’s ban on banking services for crypto firms that was overturned last March.