I recently came across this news on
Economic times. All global CEX have been or are being requested to share their user database to the government of India. Every major CEX has made it mandatory for its users to pass KYC, it will be easy for them to collate the data and share it with India. India took this responsibility as it had the Presidency of the G20 summit 2023.
The problem that India will face is that these exchanges are based in countries that are tax heaven, those exchanges cannot be forced to share the data. India has time till March 2024 to come up with the database before the next G20 summit in 2024. Once the database is created it will be shared with the G21 group to fight against crime commited using cryptocurrency.
What do you think will be the impact of this database to the Indian community that are using International centralized exchanges?
Thanks.
So they are planning to invest 200 cr in their development center and improve their infrastructure but they haven't mentioned anything about their development plans.
If there are plans of making development to their exchange or something new in the crypto sphere then it would be great.
Even if they are not making developments in the crypto sphere and making the development elsewhere then I take it as a positive sign because it will contribute to India's growth and boost economy.