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 ever Parliamentary Meeting dedicated to crypto with industry experts and stakeholders
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.
Sinha said to PTI news agency before the meeting:
We called industry stakeholders, operators of major exchanges and members of CII. [Confederation of Indian Industry]nor academics at the Indian Institute of Management Ahmedabad who conducted a thorough research on crypto finance.
The representatives representing the crypto sector include members of BACC and executives from cryptocurrency exchanges. This meeting was intended to address the future of the Indian crypto sector and promote crypto in India.
The Conclusion of the Meeting, and the Need for Crypto Regulation
Sources revealed to ANI that they had received the following information after the meeting:
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.
The publication also stated that the Indian industry associations and stakeholders weren’t clear on who should oversee the cryptocurrency sector.
In addition, the security of investors’ money was the most serious concern expressed by parliament members at the meeting. Full-page cryptocurrency ads in national newspapers is a major concern for one parliament member.
A member of parliament pointed out that El Salvador was the country which has legalized cryptocurrency in addition to the U.S. dollars. “Experts said that cryptocurrencies are some sort of investors’ democracy,” the publication noted, adding:
The members of the Parliamentary Standing Committee on Finance want officials from government to come before them and answer their questions.
The governor of the central banking stated recently that there are serious concerns about cryptocurrency at the Reserve Bank of India. “Cryptocurrencies are a serious concern to RBI from a macroeconomic and financial stability standpoint,” said Governor Shaktikanta Das.
How did you feel about meeting Indian industry experts to discuss crypto? Please leave your comments below.
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