Government may entrust the responsibility of overseeing cryptocurrency trading to GIFT

  • The government is thinking of appointing GIFT(Gandhinagar-based Gujarat International Finance Tec-City) -based International Financial Services Centres Authority as the regulator for crypto trading.
  • Crypto trading runs into billions of dollars on the newly-launched crypto exchanges in India, including CoinDCX, WazirX, Zebpay, CoinSwitch Kuber and UnoCoin.
  • The RBI has said it is not in favor of crypto trading but in March the Supreme Court scuttled the banking regulator’s move to prevent banks from supporting crypto transactions.
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