Parliamentary Committee To Meet Crypto Leaders To Discuss Future Of Crypto In India

The committee has invited industry stakeholders to a formal discussion on the industry for the first time.


According to various sources, a parliamentary committee on finance is planning a meeting of prominent crypto industry stakeholders on Monday.

Participants from prominent crypto exchanges, members of the Blockchain and Crypto Assets Council (BACC), and others are expected to attend the closed-door meeting.

The news further confirmed by Lok sabha itself and announced the meeting today on Twitter.

The committee has invited industry stakeholders to a formal discussion on the industry for the first time.

CEO of India’s Biggest crypto exchange WazirX Nischal Shetty attended the meeting and gave some insights about the conference under the hashtag #INDIAWANTSCRYPTO.

A POSITIVE APPROACH BY PM

It also comes just days after Prime Minister Narendra Modi presided over a discussion on the future of cryptocurrencies, which was convened in response to worries over the cryptocurrency’s false boasts of big returns on investment.

The administration agreed, according to several news outlets, that “attempts to mislead the youth through over-promising and non-transparent advertising should be stopped.”

Because the government recognises that this is a developing technology, it will keep a close eye on it and take aggressive measures.

“There was also agreement that the government’s actions in this area will be progressive and forward-looking,” PTI reported on Saturday.

It also stated that the government will continue to consult with experts and other industry stakeholders on the matter.

Because the problem transcends national borders, the administration believes that global alliances and joint strategies will be required.

RBI’s PERSISTENT PLEA ON RESTRICTING CRYPTOCURRENCY

The meeting on Saturday was the result of a consultative process in which the Reserve Bank of India (RBI), the Union Ministry of Finance, and the Ministry of Home Affairs conducted an extensive exercise in which global and Indian experts were consulted and global examples and best practises were studied.

On Wednesday, RBI Governor Shaktikanta Das repeated his opposition to cryptocurrencies, claiming that because they are unregulated by central banks, they pose a severe threat to any financial system.

The RBI circular banning cryptocurrency was declared null and void by the Supreme Court in early March 2020.

Following this, the central bank established an internal panel on February 5, 2021 to offer a concept for the central bank’s digital currency.

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