India’s parliamentary committee on finance has held a meeting with representatives from the crypto industry and other stakeholders on cryptocurrency and its oversight. “There was an understanding that cryptocurrency can’t be stopped but it must be regulated” and “There was a consensus that a regulatory mechanism should be put in place to regulate cryptocurrency.”
First Parliamentary Meeting Dedicated to Crypto With Stakeholders and Industry Experts
India’s Standing Committee on Finance held a meeting with representatives from the crypto industry Monday. This was India’s first-ever parliamentary discussion of the broad subject of crypto finance involving the industry.
According to a notice posted by Lok Sabha Secretariat, the official agenda of the meeting circulated to members of parliament was to hear the views of associations and industry experts “on the subject of ‘cryptofinance: opportunities and challenges.’” The meeting was chaired by BJP’s Jayant Sinha.
A notice posted by Lok Sabha, the lower house of India’s parliament. Source: Lok Sabha.
Sinha told news agency PTI ahead of the meeting:
We have called stakeholders from across the industry including operators of major exchanges, members of CII [Confederation of Indian Industry] as well as academics from the Indian Institute of Management (IIM) Ahmedabad, who have done a very thorough study on crypto finance.
According to reports, the representatives from the crypto industry include executives 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 crypto promotion in India.
The Outcome of the Meeting and the Need for Crypto Regulation
Following the meeting, sources told ANI publication:
There was an understanding that cryptocurrency can’t be stopped but it must be regulated … There was a consensus that a regulatory mechanism should be put in place to regulate cryptocurrency.
However, the publication added that industry associations and stakeholders were not clear as to who should be the regulator overseeing the crypto sector in India.
In addition, the security of investors’ money was the most serious concern expressed by parliament members at the meeting. One member of parliament stressed concern over full-page crypto ads in national newspapers.
Another parliament member pointed out that El Salvador is the only country to recognize cryptocurrency as legal tender alongside the U.S. dollar. “Experts said that cryptocurrencies are some sort of investors’ democracy,” the publication noted, adding:
Members of Parliamentary Standing Committee on Finance now want government officials to appear before them and address their concerns.
Recently, the governor of the central bank said that the Reserve Bank of India (RBI) has serious and major concerns regarding cryptocurrency. “Cryptocurrencies are a serious concern to RBI from a macroeconomic and financial stability standpoint,” said Governor Shaktikanta Das.
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