Official e-currency, crypto assets can coexist: IAMAI

Fiat digital currency serves a totally different purpose than the other crypto currencies in India and both of them can co-exist, IAMAI said. 

The possibility of a ban on private cryptocurrencies was raised in some quarters after the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 was listed on the agenda for the Budget session of Parliament. 

IAMAI said it welcomes the government’s move to introduce an official digital currency. 

“However, the association would also like to point out that in a section of the media and non-expert circles, it has been indicated that the introduction of fiat digital currencies is preconditioned on ‘banning’ other crypto assets,” it said in a statement. 

The organisation said existence and use of crypto assets by Indian consumers opens up a wide scope for Indian entrepreneurs to issue such currencies and it is likely that Indians who comprise 15 per cent of the global buyers will prefer an Indian crypto asset..