The Government of India has recently summoned lawyers from Nishith Desai Associates who are currently opposing the crypto banking ban circular proposed by the Reserve Bank of India.

The association has been asked to give its suggestions for drafting the crypto regulations in India. In response, the committee has prepared and submitted a document to Subhash Chandra Garg, secretary of Economic Affairs and Chairman of the committee.

The document states that India should adopt a balanced regulatory approach to reap the benefits of the technology and escape the risks involved. It also provides different ways of licensing crypto businesses.

Jaideep Reddy, a lawyer from Nishith Desai Associates, has said that although the Government is not bound to listen to the public in the matter, yet their opinion was heard and discussed actively by the Finance Ministry.