India’s Internet and Mobile Association (IAMAI), the committee that assisted in overturning the ban on cryptocurrency usage, has a new member on board – the blockchain firm behind the world’s biggest crypto exchange, Binance.
Binance will now become an active member of the crypto-asset exchange committee Internet and Mobile Association of India, a not for profit association that focuses on internet and mobile services penetration in India and expand the value-added services for mobile phones.
This digital business operator played a significant role earlier this year to propagate a ruling in favor of the country’s crypto scene and overthrow the ban imposed by the Reserve Bank of India, on dealing in cryptocurrencies, back in 2018. Today, with one of the world’s most successful crypto companies under its belt, it is expected to strengthen its relationship with Indian crypto users even further.
Binance part of India’s Internet and Mobile Association
Gaurav Chopra, who is the vice president of the Indian internet and mobile committee, wholeheartedly extended his support to the inclusion of Binance. India needs a robust framework that drives innovation and mitigates potential risks.
Given their extensive knowledge and expertise in complying with regulatory requirements of different countries, their guidance to Indian crypto companies in this matter will be invaluable.
Binance CEO Changpeng Zhao also expressed his excitement over this partnership. Binance, with the help of the Internet and Mobile Association of India, hopes to shape the future for the blockchain industry in the country.
We want to support and promote the growth of entrepreneurial ventures and ideas that align with the Blockchain for India Fund vision and potentially address the enterprise-level and social problems through blockchain.
Can Binance change India’s stance on crypto?
Meanwhile, the strategic collaboration comes at a time when India is reportedly considering reinstating the ban on owning cryptocurrencies. Inside sources revealed last week that the Indian finance ministry is reviewing an old bill, and this could trigger a U-turn on its previous decision to allow cryptocurrency investment and trading.
Thus, Binance becoming a part of this committee is undoubtedly viewed in a positive light, especially when Indian crypto companies had just begun witnessing a resurgence in crypto trading amid coronavirus lockdowns. Perhaps, this will pave the way for open dialogue between the crypto community and regulators to find a middle way that suits both parties.