The site will put PayID into place on its infrastructure as its first effort. Users receive an ID that works throughout “any payment network to transfer any currency” with PayID. The technology lets users move money sans routing, banking account or credit card number.
Crypto.com CEO Kris Marszalek said in the announcement that the company’s Open Payments Coalition involvement “allows us to better connect our 2M+ users across more payment platforms worldwide.”
Meanwhile, an official at a publicly traded software firm told U.S. legislators that digital currencies should have stricter supervision, CoinDesk reported.
VMware Head of Cybersecurity Strategy Tom Kellermann said that extremist groups, beyond organized crime, are known to harness alternative payments infrastructure to fundraise and for “operational purposes.” He noted that a number of payment technologies and digital currencies provide real anonymity or some degree of it.
“This raises the necessity of increased regulation of digital money,” he said, per the outlet.
Kellermann said there has been a rise in the instances of thefts and hacks at cryptocurrency exchanges.
The IAMAI intends to work together with policymakers as well as regulators on a “sustainable policy framework” for digital assets in India to foster innovation in addition to the necessary procedures for risk management and security.
Binance CEO Changpeng Zhao said in the announcement, “We hope to further accelerate the progress of blockchain adoption in India and are committed to working with IAMAI on an innovation-led and progressive framework for digital assets and blockchain.”
The IAMAI is said to the top trade organization of India’s digital businesses, according to the announcement.