{"id":15020,"date":"2021-12-06T06:54:18","date_gmt":"2021-12-06T06:54:18","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/indian-crypto-bill-exchange-ceo-discusses-what-to-expect\/"},"modified":"2021-12-06T06:54:18","modified_gmt":"2021-12-06T06:54:18","slug":"indian-crypto-bill-exchange-ceo-discusses-what-to-expect","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/indian-crypto-bill-exchange-ceo-discusses-what-to-expect\/","title":{"rendered":"Indian Crypto Bill: Exchange CEO Discusses What to Expect"},"content":{"rendered":"

There are reports 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 has shared his thoughts on the possible restrictions. The Indian government has listed a cryptocurrency bill to be taken up in the current session of parliament.<\/strong><\/p>\n

Possible Restrictions in Indian Crypto Regulation<\/h2>\n

A cryptocurrency bill is waiting<\/a> to be heard in the current session of parliament in India. The country\u2019s finance minister, Nirmala Sitharaman, has confirmed that the bill needed to be reworked<\/a> from its original version that seeks to ban cryptocurrencies, including bitcoin in ether. However, she still has not revealed what\u2019s actually in the bill, leading to much speculation.<\/p>\n

The CEO of local cryptocurrency exchange Wazirx discussed some of the speculations in a series of tweets Friday.<\/p>\n

\u201cThere have been unconfirmed reports\u201d that \u201c\u2018Self custodial wallets\u2019 may not be allowed as part of India\u2019s crypto bill,\u201d Wazirx CEO Nischal Shetty detailed. There have also been reports that \u201cOnly Indian exchanges can be used,\u201d the CEO added, elaborating:<\/p>\n

I don\u2019t believe you can prohibit the use of software. Self custodial wallets are just software. Without self custodial wallets, you cannot interact with many of the decentralized services.<\/p>\n

He stressed that \u201cAs an industry, we would never recommend this.\u201d<\/p>\n

The CEO continued: \u201cIf we want regulation then services that are regulated need to be in India. These services need to follow the rules & regulations of our country.\u201d He noted, \u201cEvery nation that\u2019s regulating crypto is following a similar approach,\u201d emphasizing that \u201cAll exchanges can register [their] company in India as well.\u201d<\/p>\n

Shetty then shared his opinion on whether he expects crypto regulations to be applied to only Indian exchanges, stating:<\/p>\n

Government will expect centralised crypto service providers to follow the law of India. It\u2019s the least to expect from any company that services Indians.<\/p>\n

He further opined: \u201cWe 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 follow it & compete. Let\u2019s build the best crypto ecosystem in India.\u201d<\/p>\n

The Wazirx executive concluded:<\/p>\n

Positive regulation will help the Indian crypto ecosystem grow rapidly. We\u2019re seeing good progress with crypto regulations.<\/p>\n

The Indian government has listed<\/a> a cryptocurrency bill to be taken up in the winter session of parliament. This week, the country\u2019s finance minister answered<\/a> some questions about cryptocurrency legislation that\u2019s been proposed by the government. Reports then emerged that a cabinet note reportedly suggests that the government is not planning to ban<\/a> crypto but to regulate crypto assets instead.<\/p>\n

Do you think India will allow self-custodial crypto wallets? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, cryptocurrency exchanges, Cryptocurrency regulation, India, Indian, indian crypto bill, indian crypto regulation, indian cryptocurrency bill, Nischal Shetty, prohibits self custodial wallets, self custodial wallets, Wazirx<\/p>\n","protected":false},"excerpt":{"rendered":"

There are reports 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 has shared his thoughts on the possible restrictions. The Indian government has listed a cryptocurrency bill to be taken up in the current session of parliament.…<\/p>\n","protected":false},"author":0,"featured_media":15021,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-15020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/15020"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=15020"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/15020\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/15021"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=15020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=15020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=15020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}