The American fintech startup Ripple published a document outlining the basic principles of the functioning of digital technologies and cryptocurrencies in India.
So, the developers indicate that at the moment the country is in difficult relations with the crypto industry, but the government has the power to promote the adoption of distributed registry technology and digital assets, creating a transparent system based on clear regulation.
In particular, representatives of fintech startups proposed a system of classification and systematization of digital tools, which is widely used throughout the world, and the transformation of the regulatory “sandbox” of the country’s main financial regulator to start working with cryptocurrency companies. It is also proposed to empower the Securities and Exchange Council to issue appropriate permits, resolve problem situations and control digital asset service providers. Such measures will attract additional investments into the country, contributing to economic growth.
“The use of blockchain and cryptocurrencies will provide an opportunity to open up enormous benefits for the local economy,” summarized Ripple’s Southeast Asia chief Navin Gupta.
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