A minister serving in India recently stated that a local state was working on plans that would help make it possible for local firms to operate without having to rely on the policy frameworks put in place by the National government. Some of the policies the minister touched on include those targeting merchants who accept cryptocurrencies as well as local exchanges.

It is important to note that this comes in the heels of the national government banning the use of cryptocurrencies in the country. Local merchants accepting cryptocurrencies had been targeted by the authorities for setting up and operating exchanges at various local shopping malls.

According to Priyank Kharge, who is the official Social Welfare minister in the Indian government, the local authorities in Karnataka have introduced a plan that will make it possible for it to set up who is being referred as the Innovation Authority. The main goal of introducing these Rights is to ensure that consumer rights are protected.

This has recently become a hot topic, especially for businesses that have been operating in what the federal government sees as industries with various supervisory grey areas. A news agency quoted the minister as stating that the technology industry was changing at a very high-pace, which meant that the local agencies had to play catchup to ensure that proper governance was in place.

The minister went on to note that as opposed to banning a whole industry which had proved to be beneficial to people located in all corners of the country and the world, the Authority would be better placed to come up regulatory frameworks. This would mean that the populace would continue to enjoy the benefits of the new tech while under the govern-ship of the state laws.

Priyank gave a real-life example where restaurants in regions such as Bengaluru had formally accepted Bitcoins as formal payment methods. It is, therefore, necessary to ensure that such businesses are allowed to cooperate with the local and federal governments to look at ways in which the cryptocurrencies can be incorporated into the formal Indian market.

The minister went on to state that it will better to come up with acceptable and positive regulatory frameworks as opposed to placing a mass ban on the use of cryptocurrencies. Just because the government has been slow to put in measures to control their use does not mean that its citizens should be allowed to lose out on their numerous benefits.

Another example given by the minister on the need to regulate the industry touched on the recent arrests made in the state and country that targeted the founders of Unocoin. Unocoin happens to be the leading cryptocurrency exchange in the country and is based in Karnataka’s capital—Bengaluru.

The cyber-crime unit in the state recently arrested and detained its founders for placing an ATM machine that could be used to handle withdrawals and deposits for all the exchange’s clients. It is alleged that the two founders were detained for not being in possession of the required paperwork needed to operate an ATM.

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