Cryptocurrencies Must Be Regulated in India, Concludes Panel of MPs and Industry Experts
In the first-ever Parliamentary panel discussion about Crypto Finance, government officials concluded that cryptocurrency investments cannot be stopped in India, and hence, should be regulated. India’s Standing Committee on Finance led by BJP MP Jayant Sinha met with the crypto community, including representatives from crypto exchanges, industry bodies, and Blockchain and Crypto Assets Council (BACC) to discuss the concerns of cryptocurrencies in the country. The panel discussed the promotion and regulation of cryptos in India.
According to reports, the 3-hour panel discussion included various crypto and blockchain experts from IIM Ahmedabad to present the current crypto situation in India. Amongst other concerns, the security of investors’ money was the most serious discussion topic during the three-hour session.
“We have called stakeholders from across the industry including operators of major exchanges, members of CII as well as academics from the Indian Institute of Management (IIM) Ahmedabad, who have done a very thorough study on the crypto finance,” Jayant Sinha said in a statement prior to the meeting.
Furthermore, the panel discussed the potential of crypto investments in India and the risks related to it. One MP, in fact, pointed out the fact that El Salvadore is the only country in the world to adopt cryptocurrency as a legal tender.
Plus, we already know that there has been a lot of back and forth regarding the adoption of cryptocurrencies in India since 2018 whenthe RBI banned cryptocurrency-related trades in India. Nonetheless, the Supreme Courtlifted the ban on cryptocurrency trading in Indialast year. Following this,a recent study ranked India secondin terms of crypto adoption, with cryptocurrencies like Dogecoin and Shiba Inu beingthe most traded cryptos in the country.
So now, the governmentaims to regulate the cryptocurrency market in Indiarather than making efforts to ban crypto trading and investments. Although it is currently unclear who or which authoritative body should be the regulator, MPs now want government officials to show up before the committee and discuss their concerns about crypto finance in India. So yeah, we will have more clarity on whetherit is legal to buy or sell Bitcoin in Indiaor not soon.
Dwaipayan Sengupta
A geek at heart, you’ll find me fidgeting with an iOS device or sitting in front of the laptop, scouring the internet to find interesting technological innovations. In my free time, you’d find me playing Valorant or listening to Pink Floyd.
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