Indian cryptocurrency exchange plan
to create a common database of traders and transactions. Data user account will be linked either to the system of identification of citizens AADHAAR or tax ID. These plans became known shortly after the announcement
the Indian government reported the final stage of development of cryptocurrency regulation.
The exchange involved in the initiative include the Indian Committee on the blockchain and cryptocurrency (BACC) and the Association of Internet and mobile communications (IAMAI). Head BACC Adzhet Khurana (Ajeet Khurana) stressed that «this is one of the proposals we plan to present to a governmental Committee, which is studying the problem of the cryptocurrencies». He notes:
«Data on purchases and sales of virtual currency can be tracked either using the AADHAAR identification system, or due to tax ID (PAN). Data such as total transactions with cryptocurrencies, their value and the consumer behavior of the users will be available through a centralized database».
Last week, Khurana said that the Indian government is focused on creating clear rules for the regulation of cryptocurrencies. It is estimated that about 5 million people in India either use cryptocurrency now or did in the past.
«Our exchange not allow foreigners or foreign exchanges to influence trading. We work independently from the world,» he said. «Despite this, our market mechanism is very viable. If you have ever looked at the order book on cryptocurrency exchanges and compared them with Forex or stock exchange, you might notice that they work in a similar way. Setting standards for cryptocurrencies in India takes time due to the nature of technological innovation and confusion about who should regulate the industry.»