The first-ever Parliamentary panel analyzing the broad dimensions of Crypto Finance came to the conclusion that cryptocurrency cannot be halted, but it must be regulated. The Standing Committee on Finance, chaired by BJP’s Jayant Sinha, met today with officials from cryptocurrency exchanges, the Blockchain and Crypto Assets Council (BACC), industry organizations, and other stakeholders to raise concerns about cryptocurrency regulation and promotion in India. Various groups have expressed worries about the country’s Cryptocurrency investment possibilities and risks.
The group agreed that a regulatory mechanism should be established, albeit it was unclear who should serve as the regulator.
The most severe worry highlighted at the meeting was the security of investors’ funds. A member of Parliament who attended the discussion raised concern over full-page Cryptocurrency ads in major newspapers. Cryptocurrencies, according to experts, are a form of investor democracy.
The panel’s meeting is significant since it comes only days after Prime Minister Narendra Modi hosted a high-level conference on cryptocurrency with officials from various ministries including the Reserve Bank of India.
“We have summoned stakeholders from across the industry, including operators of key exchanges, representatives of the CII, and academics from the Indian Institute of Management (IIM) Ahmedabad, who has done a very detailed study on crypto finance,” Mr. Sinha said ahead of the meeting to news agency PTI.
MPs are now demanding that government officials testify in front of the committee and address their concerns. “Hearing of opinions of Associations/Industry experts on the subject – Crypto-Finance: Opportunities and Challenges,” according to the meeting’s official agenda, which was circulated to member MPs.
El Salvador is the only government that recognizes cryptocurrency as legal tender, according to another MP.
Several discussions with stakeholders have already been held by the Finance Ministry to explore the topic of regulation. The Reserve Bank of India and the Securities and Exchange Board of India have also expressed concern about the unregulated expansion of Cryptocurrencies in India, bearing in mind the vulnerability of regular investors.
“In terms of crypto, we have severe worries about macroeconomic and financial stability. How the issue should be handled – we have made thorough recommendations to the government; as far as I am aware, the topic is being actively considered by the government, and the government will make a decision “At a Business Standard event on Wednesday, RBI Governor Shaktikanta Das stated.
The RBI circular banning Cryptocurrencies was declared null and void by the Supreme Court in early March 2020.
An MP who spoke at today’s Crypto-Finance meeting said the government intends to introduce a new bill to regulate cryptocurrencies.
The new bill could be introduced during Parliament’s winter session, which begins on November 29, 2021.
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