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The creation of an official digital currency for India is not “pre-conditioned" on banning other crypto assets, Internet and Mobile Association of India (IAMAI) said on Monday.

The industry body welcomed the government’s plan to introduce an official digital currency regulated by the Reserve Bank of India (RBI).

“Existence and use of crypto assets by Indian consumers open up a wide scope for Indian entrepreneurs to issue such currencies and it is likely that Indians who comprise 15% of global buyers will prefer an Indian crypto asset," the non-profit entity, which counts Big-Tech companies, such as Amazon, Google and Flipkart, among its members, said. However, it said that a digital fiat currency and crypto assets can coexist.

“The association believes that an official digital currency regulated by the government will give impetus to the broader application of the distributed ledger technology and will create avenues of fintech innovation that are yet to be explored within the country," IAMAI added.

The future of crypto assets in India have been in the spotlight for a few weeks now, since a bill proposing the ban on “private cryptocurrencies" was listed on the agenda for the budget session of Parliament.

The bill is expected to introduce an official digital currency for the country, which will be issued and controlled by the RBI.

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