Regulatory Clarity is needed by Xiaomi India to Embrace Cryptocurrencies

Cryptocurrency Cryptocurrency Regulation News

Just recently, Xiaomi India has expressed its true intentions for cryptocurrencies that have made the entire cryptocurrency sector in India very pleased. Xiaomi India is the Xiaomi manufacturer’s one of the major branches based in the subcontinent.

Just recently, Xiaomi India has expressed interest in the adoption of cryptocurrencies. However, the company is somewhat hesitant about the adoption of cryptocurrencies.

The company has recently shared its concerns over the regulatory infrastructure around cryptocurrencies. It is seeking transparency and clear information on the regulations and compliances related to cryptocurrencies.

For this purpose, Xiaomi India has sought support and guidance from the government of India. It is curious to know exactly how the Indian Government is measuring cryptocurrencies and what plans they have for the industry.

Ever since the beginning of 2020, the cryptocurrency industry has been in a rather gray area in India. It is currently unknown what the fate of the cryptocurrency industry is going to be in the country.

On one side, the Indian Government has given assurances that the cryptocurrency is here to stay in India. While on the other, the Reserve Bank of India (RBI) is after cryptocurrencies and wants them banned for good.

Therefore, any major company or a firm wanting to adopt cryptocurrencies in the country is trying to play it safe. They are not adopting cryptocurrencies because the government may go ahead and ban the cryptocurrencies at any time.

So far, several rumors have emerged suggesting that the government of India may side with the RBI’s approach in the banning of cryptocurrencies. This very uncertainty has led to many investors not coming to the cryptocurrency sector in India.

Manu Jain, the managing director at Xiaomi India talked about the company’s view in regards to cryptocurrencies. He shared his view and thoughts from the company’s perspective while giving an interview to the Economic Times.

Jain stated that so far, the position of cryptocurrencies and their longevity is under review and question in India. The government of India has not made any decision as to what it is planning to do with them. It seems that the regulatory authorities are also waiting for the government of India and the RBI to come on the same page.

Until both regulatory authorities do not come to the same page, the regulations cannot be set around cryptocurrencies. Until then, there will be no regulatory clarity or transparency in the country.

Therefore, the first thing that needs to be sorted out is the status of cryptocurrencies in the country. Once that is decided, the next phase would be coming up with regulations and policies surrounding cryptocurrencies.

When that happens, Xiaomi India would find it safe and secure to jump into the cryptocurrency sector.

Leave a Reply

Your email address will not be published.