Nischal Shetty shared his view on the reports based on the Cabinet note on India’s upcoming crypto bill.
Currently, India’s crypto bill is under full discussion at the Cabinet table. Recently a few days before it was reported that NDTV, a local news channel, received information on the Indian crypto bill via a cabinet note. According to the cabinet memorandum, foreign crypto exchanges will not be allowed to provide services in India.
Concerning this Nishal Shetty, founder of WazirX Crypto Exchange, came up and shared his viewpoint on this.
However, the reports have not been confirmed, but Nishal said it would not be a fair decision if the proposed framework on crypto regulation stopped foreign exchange.
Further, according to him, if any crypto service is regulated, it should be allowed to be regulated in India as well, which is also the policy that is being followed in other countries.
He added that if all regulated crypto exchanges were allowed in India, it would become a better service due to competition, and conveyed via tweet that;
“While we strongly support competition. If a product or service does not meet the standards, competition will exclude it. But competition must be on fairgrounds. When it comes to limitations, every exchange must follow and compete with each other and thrive for the best. We can build the best crypto ecosystem in India”, he concluded.
In addition to this, Nischal added that complete and proper regulation will lead to the growth of the crypto industry.
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