Ashish Singhal, the CEO of Coinswitch, India’s biggest cryptocurrency exchange, stated that crypto regulations would generate peace and certainty for the industry in India.

The CEO of Coinswitch made this statement while speaking to Reuters at the World Economic Forum (WEF) annual meeting held in Davos. This year’s WEF meeting has a number of blockchain and cryptocurrency companies in attendance.

Singhal stated that more industry stakeholders advocate for crypto regulations; he added that a solidly built regulatory framework would ensure clarity. According to the founder of Coinswitch:

“Users don’t know what will happen with their holdings – is the government going to ban, not ban, and how will it be regulated? Regulations will bring peace … more certainty.”

Notwithstanding India’s Supreme Court overruling the crypto ban enforced by the central bank, Reserve Bank of India, in March 2020, cryptocurrency companies in the country are still striving under unclear regulations and the government’s unfriendly attitude to the industry.

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In February 2022, Reserve Bank of India’s deputy governor Rabi Sankar stated that crypto was a danger to the country’s monetary and financial stability. He also compared cryptocurrency to a Ponzi scheme, stating that a ban was a better move to embrace by the government. As of that time, Sankar said:

“We have also seen that cryptocurrencies are not amenable to definition as a currency, asset or commodity; they have no underlying cash flows, they have no intrinsic value; that they are akin to Ponzi schemes, and may even be worse.”

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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