According to India's largest crypto exchange, the cryptocurrency industry is in <a href="https://www.bloomberg.com/news/articles/2021-10-19/tiger-backed-crypto-ceo-says-talks-with-india-regulators-ongoing" target="_blank" rel="nofollow noopener">discussions </a>with the Indian regulators and authorities to allay their worries about the sector.
<h2>Discussions With Indian Regulators Are Now Underway</h2>
According to co-founder and chief executive officer, Ashish Singhal, CoinSwitch Kuber, which is supported by Tiger Global, Sequoia, and <a href="https://www.cryptoknowmics.com/news/crypto-exchange-coinbase-publishes-its-proposal-for-crypto-regulation/">Coinbase</a> ventures has around 10 million users on its exchange, with almost half of them being in their mid-20s. 

The bourse is in a question-and-answer period with regulators and has made great progress,” according to him. 
“Regulators are engaging with industry leaders like us and industry bodies and trying to understand cryptocurrencies -- and we do understand the stance of the government,” Singhal stated in a Bloomberg Television interview on Tuesday. “There are some fundamental flaws in the crypto ecosystem which do not abide by the laws of the land in India,” he added.

<h2>RBI Decides to Develop A Digital Currency, Government Might Introduce A Crypto Law for Cabinet Approval</h2>
In recent years, India has had a tumultuous relationship with the asset class. 

Following a wave of scams in 2018, the country essentially outlawed cryptocurrency transactions following Prime Minister Narendra Modi’s unexpected move to destroy 80% of the nation’s currency, but the prohibition was overturned by the Supreme Court of India in March 2020. 

The Reserve Bank of India is focusing on developing a <a href="https://www.cryptoknowmics.com/news/indian-right-wing-leader-urges-for-stricter-crypto-regulations/">digital currency</a>, and the government may introduce a crypto law for cabinet approval. 

According to the blockchain research company Chainalysis, India’s crypto industry grew 640% in the year to June. 
“The idea is not to shut crypto down, but how to plug those holes. Crypto can be the next Internet itself and India would not want to miss out on that,” Singhal stated. 
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CEO of a Tiger-Backed Cryptocurrency Says Discussions With Indian Regulators are Ongoing

The cryptocurrency industry is in discussions with the Indian regulators and authorities to allay their worries about the sector.

Kavya Barua is a voracious learner who is fascinated by crypto and Fintech advancements. Graduated from Janki Devi Memorial College's B.A (Hons) English program at the University of Delhi. She aspires to be a successful professional, having a keen interest in learning and achieving results.

CEO of a Tiger-Backed Cryptocurrency Says Discussions With Indian Regulators are Ongoing

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