India is being urged to rethink its stance on cryptocurrencies as investors face uncertainty over their assets
The CEO of Coin Switch Asish Singhal says India’s government must form rules and regulations around cryptocurrencies to boost the sector and protect investors.
The country’s central bank has previously supported the idea of banning cryptocurrencies altogether citing financial stability but the federal government has since shown their support by taxing income from them.
Singhal says “regulations will bring peace and more certainty” to users who “don’t know what will happen with their holdings”.
CoinSwitch is one of the largest crypto companies in India boasting over 18 million users and valued at $1.9 billion.
Although India’s central bank has voiced “serious concerns” around private cryptocurrencies the country’s Prime Minister Narendra Modi says emerging technologies are important for development and democracy.
