India’s proposed cryptocurrency bill could reportedly ask cryptocurrency exchanges to appoint a grievance officer, according to industry insider Aritra Sarkhel, the head of policy and governance issues on <a href="https://www.cryptoknowmics.com/news/the-future-is-decentralized-says-wazirx-ceo/">WazirX</a>. A grievance officer is responsible for addressing queries or concerns the government may have with respect to the company’s operations in the country or its users.
<h2><strong>Crypto Exchanges Could Grievance Officers</strong></h2>
The Indian government could mandate every crypto exchange to appoint a grievance officer just as the latest IT Rules, 2021 dictate for social networks. Aritra Sarkhel, the head of policy and governance issues at the Indian crypto exchange WazirX told <a href="https://www.businessinsider.in/cryptocurrency/news/india-may-ask-crypto-exchanges-to-appoint-grievance-officers-in-crypto-bill/articleshow/88384965.cms" target="_blank" rel="nofollow noopener">Business Insider</a> that the government is keen to appoint a point-of-contact for crypto exchanges.

The duties of a grievance officer is that <em>"regardless of whether a company is based in India or abroad, the point-of-contact is a person that is based out of India and can answer the government's questions and concerns, as and when they arise."</em>

Based on the IT Rules, the grievance officer’s name and contact details will be published on the social media platform’s website for users to address their complaints. The executive has to acknowledge all complaints within 24 hours and resolve the issue within 15 days of when the complaint was filed.
<h2><strong>India's Crypto Bill Still Under Works</strong></h2>
India’s crypto legislation has been in the works for more than a year now. It had been listed for the ongoing winter session of parliament, which ends on December 23, and was also listed in the budget and monsoon sessions earlier this year. However, Prime Minister Narendra Modi’s administration wants wider consultations on the matter before finalizing the rules to govern digital currencies.

At the virtual Summit for Democracy hosted by US President Joe Biden on December 11 on Modi said, <em>“We must also jointly shape global norms for emerging technologies like social media and cryptocurrencies so that they are used to empower democracy, not to undermine it.”</em>

India Could Mandate Crypto Exchanges to Appoint a Grievance Officer: Report

India’s proposed cryptocurrency bill could reportedly ask cryptocurrency exchanges to appoint a grievance officer.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

India Could Mandate Crypto Exchanges to Appoint a Grievance Officer: Report

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