Crytpo News: Crypto players cheer Biden’s order, say India has scope to improve

Synopsis

Indian crypto players have welcomed the move from the West. They believe that a ‘positive’ approach from the global powers will aid the sector and support the global financial ecosystem.

Biden’s order will require the Treasury Department, the Commerce Department and other key agencies to prepare reports on ‘the future of money’ and the role cryptocurrencies will play.New Delhi: US President Joe Biden signed an executive order directing the government and authorities to study digital dollar and risks associated with the other private cryptocurrencies.

The holistic and deliberative approach from the White House has cheered the market and industry players as the world’s largest economy shrugged doubts of immediate regulatory crackdown on the new age asset class.

Indian crypto players have welcomed the move from the West. They believe that a ‘positive’ approach from the global powers will aid the sector and support the global financial ecosystem.
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Ashish Singhal, founder and CEO, CoinSwitch said that the executive order by the US President is an acknowledgement of the role of crypto in the financial markets as well as in the global financial systems.

“Protecting investors, mitigating risk, and preventing illegitimate activities have remained a priority of the responsible actors in the crypto industry,” added Singhal, who is also the co-chair of Blockchain and Crypto Assets Council (BACC).

Biden’s order will require the Treasury Department, the Commerce Department and other key agencies to prepare reports on ‘the future of money’ and the role cryptocurrencies will play.

The first-of-its-kind executive order on cryptocurrencies has touched all the major prospects including investor protection, future of money, central bank digital currency (CBDC), national security and international cooperation.

The US is aggressive to maintain the lead when it comes to such tech and is seeking like minded partners globally to make it grow responsibly, said Vikram Subburaj, CEO Giottus Crypto Exchange, another member of BACC.

The executive order does not lay out specific positions the administration wants agencies to adopt, or impose new regulations on the sector.

Sathvik Vishawanath, Co-founder and CEO, Unocoin said that Biden has been very forward thinking when it comes to the crypto industry. “This has prioritised the agenda on what he wants to achieve through bitcoin,” he added.

The important ones in the order are their priority being investor support, financial stability of the country, avoiding illicit usage and launching of CBDC, said Vishawanath, who is also a member of BACC.

However, it is not just Biden’s signature that has boosted the morale of industry players. Positive new flow from Asia and the Middle East has also boosted morale.

Election of the new President in South Korea, who was vocal over his ‘crypto friendly policies’ during his campaign, is a big booster.

On the other hand, Sheikh Mohammed bin Rashid Al Maktoum, Dubai’s ruler, in his address, hoped to create the best business environment in the world for virtual assets. This coincides with its hosting Dubai Blockchain Week.

India is not far behind. Earlier this week, Finance Minister Nirmala Sitharaman said that she expects the Reserve Bank of India to launch a central bank digital currency (CBDC) or digital rupee this year.

FM also invited the industry to participate in the ongoing consultations. The government will take the final call on regulation or banning after the process.

Homegrown crypto players are lauding India’s approach of discussion and decision on the private crypto assets. Though, they believe that there is scope of improvement.

India has rightly taken note of the interest in the crypto industry and continues to calibrate its regulatory approach, said Singhal from CoinSwitch. “The US approach is an opportunity to also consider the positive influence of crypto.”

Market players believe that 2022 is the definitive year for the crypto community. Consumer protection and illicit activity tracking are some of the other aspects that India can collaborate on.

India has the chance to be part of this initiative and lead the next generation of innovation, something that the US is already targeting, Subburaj from Giottus said.

Market participants said that cryptos can influence the competitiveness of a country in the global financial systems and the authorities should move with a clear intent.

India also has the same priorities, but the order might be different, Vishawanath from Unocoin said. “The Indian government cannot continue to keep their crypto stance in limbo forever and it is time for them to approach this strategically.”

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Updated: 03/10/2022 — 11:00