CII urges Government to treat Crypto as Special Class of Securities

The Confederation of Indian Industries (CII) has urged the government of India to treat crypto as a special class of securities. According to CII, the existing set of regulations should not be applied to it and that a new set of regulations should be introduced for crypto, that would be appropriate for crypto regulation. 

The CII also suggested setting up a Standing Advisory Council for Crypto. It would also mention the challenges related to the regulation of cryptocurrencies. 

Internet and Mobile Association of India has listed the negative outcomes of banning cryptocurrency in the country. It mentioned how it can lead to zero accountability and traceability of the origins and its uses in the market. It also mentioned the effects it will have on retail investors. 

Both the organizations have requested to use crypto as assets instead of using currencies as it has always prohibited the use of cryptocurrencies as a currency in India.