The attitude of the Indian government has shifted positively towards cryptocurrencies. After the ban was lifted earlier by the Central Bank of India, banks returned to normal dealing with digital currencies, thus opening the market to nearly a billion people.

Every now and then media reports appear that the Indian government is still hesitant about its stance on cryptocurrencies.

Spread Recently, Mr. Sagar Sarbhai, Director of Regulatory Affairs for Ripple, said that India is at a pivotal turning point regarding the potential for innovation, Ripple decided to propose a legal and regulatory framework that the Indian government could use to implement policies that would enable the country to benefit from digital currencies and blockchain technology.

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What are the suggestions offered by Ripple?

The document called “The Path Forward of Crypto Adoption in India” contains an overview of the digital landscape of cryptocurrencies.

The document proposed by Ripple also contains comprehensive policies and procedures that can be implemented in the short and medium term by the Indian government.

As for the policies proposed by Ripple, they are as follows:

• Adopting the classification of digital assets in line with global practices.
• Provide clarity to the legal nature of digital assets.
• Enact a facilitative legal framework for digital asset service providers in pre-defined geographies.
• Amending the sandbox framework proposed by the Central Bank of India to remove crypto services and work to remove them from the negative list.
• Implementing a favorable regulatory framework for cryptocurrencies by amending certain laws for the financial sector, for example enabling the Securities and Exchange Board of India (SEBI) to license, regulate and supervise crypto service providers.

Ripple strongly emphasizes the importance of legislators in implementing the proposed policies, and Ripple says it is time to take a forward-looking approach in India.

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Ripple adds that users and businesses will be able to operate in an ecosystem that encourages innovative use of these technologies.

Ripple’s proposals also include:

We urge Indian policy makers to implement a technology-driven, principles-based, and risk-modifying regulatory framework.

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