Binance joins the Indian Internet Association
One of the world's largest cryptocurrency exchanges, Binance, joined the Digital Asset Exchange Committee of the Indian Internet and Mobile Association (IAMAI).
Strong rejection of cryptocurrencies in India
One of the world's largest cryptocurrency exchanges, Binance, joined the Digital Asset Exchange Committee of the Indian Internet and Mobile Association (IAMAI). A week ago, local Indian media reported that the Ministry of Finance is pushing for a total ban on cryptocurrencies in India. The IAMAI is one of the bodies that faced the decisions of the Central Bank of India that sought to prohibit cryptocurrency transactions with companies. The association, representing digital companies in India, got the Indian Supreme Court of Justice to revoke the ban in early 2020.
For his part, Binance announced its membership in IAMAI on June 18 and stated that the main objective is to assist in the collective effort to drive the development of the crypto and blockchain industries in India. Changpeng Zhao, founder of Binance, stated: "Binance is honored and excited to join IAMAI and contribute our part in the development of the Indian blockchain industry for growth and sustainable development [...] We look forward to further accelerate the progress of blockchain adoption in India and we are committed to working with IAMAI in a progressive and innovation led framework for digital assets and blockchain."
Gaurav Chopra, Vice President of IAMAI, stated: "Given his practical 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."