India is about to release its first paper discussing cryptocurrency, which could decide how digital money works in the country, says Ashish Singhal, Co-founder and CEO of CoinSwitch. According to him, this will be a major step towards the future of digital assets in the country.
In a recent interview with Fortune India, Singhal stated that the paper will look at the benefits of and how technologies like blockchain, stablecoins, and central bank digital currencies (CBDCs) can be used. This shows India is becoming more interested in controlling and adding cryptocurrencies to its financial system.
He has stated that “different countries are moving at a rapid speed in regulating crypto, and India definitely would not want to be left behind.” Under Singhal’s leadership, CoinSwitch has made it easy for millions of Indians to trade in crypto, even with small amounts of money.
The paper’s release is seen as an important moment that could bring clear rules and guidelines for the crypto industry in India. A sector that has been waiting for official direction for a long time.
As the crypto industry keeps growing, this paper is expected to ask for opinions from people in the industry. This could help set clearer rules for digital money in India. Crypto enthusiasts are waiting for the government’s next step that will support new ideas while also regulating India’s changing crypto world.
Also Read: BJP Politician: India Must Act Now on Stablecoin Regulation
