Crypto players cheer Biden's order, say India has scope to improve

economictimes.indiatimes.com:

The holistic and deliberative approach from the White House has cheered the market and industry players as the world's largest economy shrugged doubts of immediate regulatory crackdown on the new age asset class. Indian crypto players have welcomed the move from the West. They believe that a 'positive' approach from the global powers will aid the sector and support the global financial ecosystem.

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Ashish Singhal, founder and CEO, CoinSwitch said that the executive order by the US President is an acknowledgement of the role of crypto in the financial markets as well as in the global financial systems. «Protecting investors, mitigating risk, and preventing illegitimate activities have remained a priority of the responsible actors in the crypto industry,» added Singhal, who is also the co-chair of Blockchain and Crypto Assets Council (BACC). Biden's order will require the Treasury Department, the Commerce Department and other key agencies to prepare reports on 'the future of money' and the role cryptocurrencies will play. The first-of-its-kind executive order on cryptocurrencies has touched all the major prospects including investor protection, future of money, central bank digital currency (CBDC), national security and international cooperation. The US is aggressive to maintain the lead when it comes to such tech and is seeking like minded partners globally to make it grow responsibly, said Vikram Subburaj, CEO Giottus Crypto Exchange, another member of BACC. The executive order does not lay out specific positions the administration wants agencies to adopt, or impose new regulations on the sector. Sathvik