An Indian Lawyer Wants Fintech Regulations In the Country Eased

News / 26.01.2020

Recent reports pointed out several court cases on cryptocurrency in India’s supreme court. These court cases support the prohibition of crypto-related services by banks and financial institutions. However, India’s Reserve Bank supports crypto-related services. 

Several cryptocurrency supporters, such as Prathiba Jain, want the easing of regulations in India’s Fintech. During the World Economic Forum in Davos, Jain, the founder and head of New Delhi, Nishith Desai Associates, talked about Anti-Money Laundering and Counter-Terrorist Financing (AMLCTF) system in the nascent Fintech Industry. However, Jain believes that regulations are vital to reduce money laundering and terrorism in India.

Why Jain Supports Fintech Technology

Jain noted that the Parallel cash economy and terrorism financing are critical challenges in growing and developing the economy. Failure to permit them would be counterproductive and enable the development of cryptocurrencies outside India.

The Indian Lawyer said regulations allow the protection of law and democracy, vital for global security. She pointed out that prescriptive laws continue to get outdated as changes happen to evolve technologies, including crypto, which will enable them to develop them outside India. According to Jain, development in Fintech Industry will happen with balanced regulations, based on principle, not on the rule.

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Debasish Das is from India, an engineering graduate and holds a postgraduate degree in management. He has 10 years of experience in the financial sector, having worked for one of the biggest MNC banking groups in the country. Currently he has business in e-commerce, insurance and consultancy. As an avid blockchain and cryptocurrency enthusiasts he believes in investing in the future of technology, and feels this is going to make the world a single marketplace and also give the power from centralized banks and governments back to people.