Posted 10 months ago | by Ben Armstrong
Binance Joins India Crypto Asset Exchange Committee
Binance has joined the top internet association of India with aiming to shape the industry’s future.
Binance, one of the leading cryptocurrency exchanges in the world, has become a member of the Internet and Mobile Association of India’s (IAMAI) digital asset exchange committee.
The IAMAI is also important among lawmakers petitioning the Reserve Bank India’s (RBI) to reverse its ban on financial institutions that provide banking services to companies operating with crypto.
Earlier this year, the ban was overturned by the Indian Supreme Court. India’s Ministry of Finance is also moving forward with a proposal for a blanket ban on cryptocurrencies.
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Binance Expands to India
According to an recetn announcement, Binance stated its IAMAI membership will work to deploy best practices globally in an attempt to development of crypto and blockchain industries in India.
Binance head, Changpeng Zhao, Commented,
“Binance is honored and excited to join IAMAI and contribute our part in shaping the Indian blockchain industry for sustainable growth and development...We hope to further accelerate the progress of blockchain adoption in India and are committed to working with IAMAI on an innovation-led and progressive framework for digital assets and blockchain.”
Under the partnership, while launching its ‘Blockchain for India Fund’ to support innovation in India’s distributed ledger technology sector (DLT), Binance will also work with regulators to guide the development of a sustainable framework for crypto assets in India.
Gaurav Chopra, the Vice President of IAMAI, said:
“Given their hands-on experience of regulatory compliance in various countries, we are excited to work with Binance and other industry players in developing a constructive policy framework for crypto assets in India.”
India is Not Being Smart About Tokens
India's move to ban cryptos, and hurt companies that are working with a valuable new technology is pretty dumb. In addition to having a huge unbanked population, India suffers from ongoing problems related to a heavy bureaucracy that has been documented to be highly corrupt.
During the COVID-19 lockdowns, images of poor migrants being sprayed down with dangerous chemicals in India were common, and these working poor had no chance to defend themselves from government actions that served no one.
Additionally, it has been shown that Indian PM Modi supports vicious discrimination against religious minorities, much in the same what that the Chinese government puts ethnic Muslims in 'reeducation' camps.
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