There are reports that the Indian government may restrict self-hosted cryptocurrency wallets to only Indian cryptocurrency exchanges. The CEO of a major cryptocurrency exchange in India shared his views on possible restrictions. The Indian government has listed a cryptocurrency bill that will be considered at this session of the parliament.

Possible limitations of Indian crypto regulation

The cryptocurrency bill is wait Will deliver a speech at the current Indian Parliament meeting.The country’s Finance Minister Nirmala Sitharaman has confirmed that the bill needs to be passed Rework It started with its original version aimed at banning cryptocurrencies, including Bitcoin in Ethereum. However, she still did not disclose the actual content of the bill, sparking a lot of speculation.

The CEO of the local cryptocurrency exchange Wazirx discussed some speculation in a series of tweets on Friday.

Wazirx CEO Nischal Shetty explained in detail that “there are unconfirmed reports” that “self-custodial wallets may not be allowed as part of the Indian encryption bill.” There are also reports that “only Indian exchanges can be used”, chief The executive added and elaborated:

I don’t believe you can prohibit the use of software. A self-hosted wallet is just a piece of software. Without a self-hosted wallet, you will not be able to interact with many decentralized services.

He emphasized, “As an industry, we would never recommend this.”

The CEO continued: “If we want to regulate, then regulated services need to be in India. These services need to comply with our country’s rules and regulations.” He pointed out that “every country that regulates cryptocurrencies follows a similar approach.” And emphasized that “all exchanges can register [their] The same is true for Indian companies. “

Shetty then expressed his opinion on whether he wants the encryption regulations to apply only to Indian exchanges, noting:

The government wants centralized encryption service providers to comply with Indian laws. This is the least expectation of any company that provides services to Indians.

He further believes: “We strongly support competition. If a product or service does not meet the standard, then competition will eliminate it. But competition should be fair. When regulations are introduced, every exchange must abide by and compete. Let’s We are building the best crypto ecosystem in India.”

Wazirx executives concluded:

Active supervision will help India’s crypto ecosystem to develop rapidly. We have seen good progress in encryption regulations.

The Indian government has Listed The cryptocurrency bill to be considered at the winter meeting of Parliament.This week, the country’s finance minister Reply Some questions about cryptocurrency legislation raised by the government.It was subsequently reported that, according to reports, a cabinet document indicated that the government was Do not intend to ban Encryption, but the regulation of encrypted assets.

Do you think India will allow self-custodial crypto wallets? Please let us know in the comments section below.

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