5 steps India can take to regulate cryptocurrencies

In a conversation with YourStory, Rameesh Kailasam, CEO of IndiaTech.org, says that the recommendations would help mitigate the risks associated with the cryptocurrency space, and foster growth and innovation.

Thursday June 03, 2021 , 4 min Read

There is a lot of uncertainty around regulations governing India’s cryptocurrency industry. Despite the Supreme Court lifting the cryptocurrency trading ban, many Indian banks continued to cite an RBI circular banning banks from dealing in crypto, prompting RBI to issue a clarification.

IndiaTech.org, an industry body representing India's consumer internet startups, unicorns, and investors, recently published a whitepaper proposing a five-point policy framework to regulate the cryptocurrency industry in India.

In a conversation with YourStory, Rameesh Kailasam, CEO of IndiaTech.org, says that the recommendations would help mitigate the risks associated with the cryptocurrency space, and foster growth and innovation.

He believes that with the right approach, India can capitalise on the crypto industry’s potential and become a home to blockchain innovation that could impact the Indian economy.

The first step, Rameesh says, would be to embrace cryptocurrencies and define them as digital assets, not as currency

"The fundamental point of concern is treating cryptocurrency as a form of currency," he adds.

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