The co-founder of Ethereum (CRYPTO: ETH) scaling project Polygon (CRYPTO: MATIC) believes that India needs a single regulator to oversee all crypto-related matters, and the current model is cluttered with every official coming up with their own definition of cryptocurrency.
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What Happened: In an interview with CoinDesk, Sandeep Nailwal said that the creation of a collective authority composed of representatives from the Indian central bank, the markets watchdog, the Goods and Services Tax Council, and Finance Ministry would encourage projects like his own to set up business in India.
“The finance ministry should be the one heading this task force, and every other institution should be given a clear mandate that no crypto case shall be handled locally. It should only be handled by the central crypto task force,” Nailwal said.
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Why It Matters: Nailwal said currently different rules or enforcement institutions in various parts of India are now actively involved in cryptocurrency, with all of them having separate definitions.
According to Nailwal, it was primarily regulatory uncertainty that has kept his company Polygon out of India. Although the co-founders are originally from India, Polygon is “not an Indian entity” but a “decentralized network with no headquarters,” he said.
Cryptocurrencies like Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE) have blown up in popularity in the country despite frequent regulatory hurdles.
Price Action: According to data from Benzinga Pro, Bitcoin was trading at $440703, gaining 0.55% in the last 24 hours, and Ethereum was trading at $3016.57, up 1.11% over the same period.
MATIC was trading 7.55% higher in the last 24 hours.
