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India needs cryptocurrency regulations to remove regulatory uncertainty, protect investors and develop the sector, CoinSwitch CEO Ashish Singhal said on Sunday, as reported by Reuters.
“Users don’t know what will happen to their assets — whether the government is going to ban or allow,” Singhal, co-founder of CoinSwitch, told Reuters at the World Economic Forum in Davos. “Rules will bring peace … more certainty,” he added.
While India’s central bank has in the past expressed concern and even supported a ban on cryptocurrencies, the federal government’s shift to taxing cryptocurrency revenues has been seen by the industry as a sign of potential adoption. India’s Goods and Services Tax Board is considering a proposal to impose a 28 percent tax on all cryptocurrency transactions, citing a CNBC-TV18 report.
According to the report, CoinSwitch, which is valued at $1.9 billion, is the largest cryptocurrency company in India with over 18 million users.
Blockchain and cryptocurrency companies are well represented at this year’s Davos meeting, which coincides with a period of global cryptocurrency price decline.
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