India’s parliamentary finance committee held a meeting with representatives of the crypto industry and other stakeholders on cryptocurrency and its oversight. “There was an understanding that cryptocurrency cannot be stopped but it needs to be regulated” and “There was consensus that a regulatory mechanism should be put in place to regulate cryptocurrency. “
First parliamentary meeting dedicated to crypto with stakeholders and industry experts
The Indian Standing Committee on Finance held a meeting with representatives of the crypto industry on Monday. It was India’s very first parliamentary discussion on the broad subject of crypto-finance involving the industry.
According to a notice published by the Lok Sabha secretariat, the official agenda for the meeting distributed to members of parliament was to hear the views of associations and industry experts “on the subject of” cryptofinance. : opportunities and challenges ”. Jayant Sinha from BJP.
Sinha told PTI News Agency ahead of the meeting:
We called on stakeholders from across the industry, including operators of major exchanges, CII members [Confederation of Indian Industry] as well as academics from the Indian Institute of Management (IIM) Ahmedabad, who carried out a very in-depth study on crypto-finance.
According to reports, representatives of the crypto industry include leaders of crypto exchanges and members of the Blockchain and Crypto Assets Council (BACC). The meeting aimed to discuss the way forward for the crypto industry as well as the promotion of crypto in India.
The outcome of the meeting and the need for crypto regulation
After the meeting, sources told the ANI publication:
It was understood that cryptocurrency cannot be stopped but must be regulated… There was consensus that a regulatory mechanism should be put in place to regulate cryptocurrency.
However, the publication added that it was not clear to industry associations and stakeholders who should be the regulator overseeing India’s crypto industry.
In addition, the safety of investors’ money was the most serious concern expressed by parliamentarians at the meeting. A member of parliament raised concerns about full-page crypto ads in national newspapers.
Another Member of Parliament pointed out that El Salvador is the only country to recognize cryptocurrency as legal tender alongside the US dollar. “Experts have said that cryptocurrencies are a kind of investor democracy,” the publication notes, adding:
Members of the Standing Parliamentary Committee on Finance now want government officials to appear before them and address their concerns.
Recently, the central bank governor said that the Reserve Bank of India (RBI) has serious and overwhelming concerns about the cryptocurrency. “Cryptocurrencies are a serious concern for the RBI from a macroeconomic and financial stability perspective,” Governor Shaktikanta Das said.
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