Binance, the world’s fastest cryptocurrency exchange by trade volume, has allied with India’s IAMAI- country’s top tech internet association, to help the nation amid of uncertain crypto regulations.
In an effort, to accelerate the development of blockchain-based products and structure the cryptocurrency industry, which is much needed at this time, the CEO of Binance, Changpeng Zhao (CZ) is ready to support the Internet and Mobile Association of India (IAMAI) to figure out the essential steps and save the country from the ambiguous banking ban.
Apparently, this is certainly an opportunity for Binance to speed up its influence in the Indian cryptocurrency ecosystem. Last year, in November, Binance has acquired Indian cryptocurrency exchange WazirX in $5 million–10 million, according to Economic Times estimates.
Binance Can Prove Boon to Indian Crypto Regulations
Reportedly, the alliance between Binance and IAMAI can prove to be in the right direction and help the cryptocurrency industry to flourish in the country.
By and large, Binance’s prior experience to deal with the crypto regulations and regulators in different countries can help the country to make a sustainable framework for the crypto industry in India.
Moreover, Binance is also on the go to launch its “Blockchain for India Fund” to back innovative business models on distributed ledger technology sector (DLT).
Gaurav Chopra, IAMAI Vice President while showing his enthusiasm said that:
“Given their hands-on experience of regulatory compliance in various countries, we are excited to work with Binance and other industry players in developing a constructive policy framework for crypto assets in India.”
According to CZ, the association between Binance and IAMAI may prove to be significant in implementing better practices.
CZ expresses his enthusiasm and said that Binance is thrilled and pleased to contribute towards “shaping the Indian blockchain industry for sustainable growth and development.”
Further, he said that Binance is “committed to working with IAMAI on an innovation-led and progressive framework for digital assets and blockchain.”
India’s Cryptocurrency State Under Mess
After the RBI’s overrule of the banking ban by SCI, the state of cryptocurrencies are not yet cleared. Cryptocurrency exchanges still facing many challenges as local banks are hesitant to provide significant services to them and incompetent to define transparent and simplistic norms in regards to goods and services tax and other standards.
On March 6, with the efforts of IAMAI, the Indian cryptocurrency fans and crypto-focused organizations took a sigh-of-relief when the Supreme Court of India overturned the blanket ban which was earlier imposed by the Reserve Bank of India in April 2018.
However, last week the report from Economics Times has shattered the ambitions of many crypto enthusiasts, including both local and international cryptocurrency exchanges, who are already gearing up for crypto trading opportunities, to proceed and progress further and to make quick money out of cryptocurrencies.
Reportedly, in the country, hemming and hawing are still going on and the Indian Ministry of Finance is planning to impose a legal banking ban on cryptocurrencies in the country. The Economics Times citing the latest update from the anonymous government official mentioned that the information has renewed the threat of prohibition on crypto assets.
Though, the cryptocurrency exchanges are not yet affected in their work and continuing the operations until the next announcement from the financial regulatory body comes.