Wazirx crypto exchange CEO raised concerns on India’s Crypto bill

Nischal Shetty shared his point on the reports based on the Cabinet note on the upcoming crypto bill of India. 

At present, the crypto bill of India is under full discussion on the table of Cabinet ministers. A few days ago, we reported that a local news media tv channel, NDTV, reported that they got information from the Indian crypto bill through a cabinet note. According to the cabinet note, foreign crypto exchanges will not be allowed to give services in India.

Nischal Shetty, the founder of the Wazirx crypto exchange, shared his point of view on this information. 

Nischal said that, however, reports are unconfirmed but still if the proposed framework on the crypto regulation will halt the foreign exchanges then it will not be a fair decision. 

According to Nischal, if any crypto service is regulated then that should be allowed in India also under the regulation, which is also an approach of other countries. He wrote:

“If we want regulation then services that are regulated need to be in India. These services need to follow the rules & regulations of our country. Every nation that’s regulating crypto is following a similar approach. All exchanges can register companies in India as well”

Further, he said that if all regulated crypto exchanges will be allowed in India then that will end up into better service because of competition. He wrote:

” We strongly support competition. If a product or service is not up to the mark then competition will boot it out. But competition should be fair. When regulations come in, every exchange will have to follothemit & compete. Let’s build the best crypto ecosystem in India 🇮🇳”

Further, Nischal added that perfect and ideal regulation will push the crypto industry toward growth. 

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