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It has been reported that the Indian government may impose restrictions on self-custodial cryptocurrency wallets and only allow Indian crypto exchanges. The CEO of a major cryptocurrency exchange in India shared his thoughts on possible restrictions. The Indian government has listed a cryptocurrency bill that will be considered in the current session of Parliament.
Possible restrictions in Indian crypto regulation
A cryptocurrency bill is waiting to be heard in the current session of India’s parliament. The country’s Finance Minister Nirmala Sitharaman has confirmed that the bill needs to be reworked from its original version which seeks to ban cryptocurrencies, including bitcoin in the ether. However, she still did not reveal what was really in the bill, leading to much speculation.
The CEO of local cryptocurrency exchange Wazirx discussed some of the speculation in a series of tweets on Friday.
“There have been unconfirmed reports” that “self-service wallets may not be permitted under India’s crypto bill,” detailed Wazirx CEO Nischal Shetty. It was also reported that “Only Indian exchanges can be used,” added the CEO, adding:
I don’t think you can ban the use of software. Self-guarding wallets are just software. Without self-guarding wallets, you cannot interact with many decentralized services.
He stressed that “as an industry we would never recommend this. “
The CEO continued, “If we want regulation, the regulated services have to be in India. These services must follow the rules and regulations of our country. He noted, “Every country that regulates crypto follows a similar approach,” stressing that “All exchanges can register [their] business in India as well.
Shetty then shared his opinion on whether he expects crypto regulations to be applied only to Indian exchanges, saying:
The government will expect centralized crypto service providers to abide by Indian law. This is the least one would expect from a company that serves Indians.
He added: “We strongly support competition. If a product or service falls short, the competition will. But competition must be fair. When the regulations come into force, each exchange will have to follow and compete. Let’s build the best crypto ecosystem in India.
The Wazirx executive concluded:
Positive regulation will help the Indian crypto ecosystem to grow rapidly. We are seeing good progress with crypto regulations.
The Indian government has listed a cryptocurrency bill that will be considered in the winter session of Parliament. This week, the country’s finance minister answered a few questions about the government’s proposed cryptocurrency legislation. Reports then revealed that a cabinet note would suggest that the government was not considering banning crypto but rather regulating crypto assets.
Tags in This Story Cryptocurrency Exchanges, Cryptocurrency Regulation, India, Indian, Indian Cryptocurrency Bill, Indian Cryptocurrency Regulation, Indian Cryptocurrency Bill, Nischal Shetty, Prohibits Wallets self-guards, self-guard wallets, Wazirx
Do you think India will allow self-held crypto wallets? Let us know in the comments section below.
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