Cryptocurrency unicorn CoinSwitch Kuber’s Founder and CEO Ashish Singhal has said that the industry discussions with the government over past several weeks indicate that the financial stability and interests of the crypto investors in India will be protected. The cryptocurrency industry in India has been actively engaging with the government on drafting a legislation to regulate the popular digital assets. Singhal’s remarks come at a time when the proposed ban on private cryptocurrencies in India has sparked panic amongst the crypto holders, leading to an almost 15-20 per cent drop in cryptocurrency prices on local exchanges.
Singhal, who is also the co- chairperson of the newly formed crypto industry body Blockchain and Crypto Assets Council (BACC), has called for the investors to wait for the government's clarification on the proposed legislation. Singhal said in a statement urged the Indian crypto community to not rely on secondary sources of information, or to speculate needlessly.
“The industry has been actively communicating with all stakeholders keeping investor protection at the forefront. Our discussions over the last few weeks indicate there is broad agreement on ensuring customers are protected, financial system's stability is reinforced and India is able to take advantage of the crypto technology revolution,” Singhal said.
He added that the crypto industry is hopeful that the government will involve the industry stakeholders while drafting the bill. “At CoinSwitch Kuber, we shall follow the directions provided by the government. As of now, I urge all crypto asset investors in the country to remain calm, do their own research before arriving at a rushed conclusion,” Singhal noted.
The prices of various cyptocurrencies, including popular ones like Bitcoin, Ethereum, and Dogecoin slipped by at least 15-20 per cent on various homegrown exchanges after the proposed ban on digital assets came to light late last night, although the crypto tokens rallied on other global trading platforms, such as Binance.
CoinSwitch Kuber turned a unicorn in October by raising $260 million in a Series C funding round led by American tech venture capital firm, Andreessen Horowitz (a16z), Coinbase Ventures and existing investors Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global. Earlier in August, another Indian crypto exchange, CoinDCX had raised $90 million in a Series C round at a $1.1. billion valuation .
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