Internet and Mobile Association urges govt to regulate, not ban cryptocurrency

Internet and Mobile Association urges govt to regulate, not ban cryptocurrency

Industry body IAMAI (Internet & Mobile Association of India) on Wednesday appealed to the Indian government to not impose a blanket ban on cryptocurrency and said that the aim should instead be to develop a robust mechanism to regulate the related ecosystem in the country.

Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds, operating independently of a central bank.

As per IAMAI, the crypto community consists of over 10 million crypto holders having over USD 1 billion worth of crypto assets, over 300 startups generating tens of thousands of jobs and hundreds of millions of…

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