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Committee at Indian Parliament Discusses Crypto Regulation

India’s parliament committee on finance met with representatives of the crypto industry and other stakeholders to discuss regulation and oversight of cryptocurrency. “There was an agreement that cryptocurrency cannot be stopped, but it must be controlled” and “There was consensus that a regulatory system should be established to regulate cryptocurrency strong>

First Parliamentary Meeting on Crypto

Monday’s meeting was held by the Standing Committee on Finance in India with representatives of the crypto industry. This was India’s first ever parliamentary discussion on the broad topic of crypto finance.

According to a Lok Sabha Secretariat notice, the official agenda for the meeting was to hear from industry experts and associations “on the topic of ‘crypto finance’: Opportunities and Challenges.” Jayant Sinha, BJP’s president, Lok Sabha. Sinha spoke to PTI, the news agency, ahead of the meeting.

We called key stakeholders in the industry, including major exchange operators, members of CII [Confederation of Indian Industry], as well as academics at the Indian Institute of Management Ahmedabad who conducted a thorough study on crypto finance.

According to reports, representatives of the cryptocurrency industry are executives from crypto exchanges and members the Blockchain and Crypto Assets Council. This meeting was intended to discuss India’s future and promote crypto in India.

The Need for Crypto Regulation

Sources mentioned that the meeting was concluded.

It was agreed that cryptocurrency cannot be stopped, but that it must be controlled. There was consensus to establish a regulatory mechanism to regulate cryptocurrency.

The publication stated that stakeholders and industry associations were not clear on who should oversee the Indian crypto sector.

Parliamentarians expressed grave concern about the safety of investors’ funds at the meeting. One member of parliament expressed concern about full-page cryptocurrency ads appearing in national newspapers.

Another member of parliament pointed out that El Salvador is currently the only country to accept cryptocurrency as legal tender in addition to the U.S. dollars. The publication stated that “experts believe that cryptocurrency is some kind of investors’ democracy”.

Members of the Parliamentary Standing Committee on Finance want officials from the government to address their concerns.

Recently, the Governor of the Central Bank stated that there are serious and significant concerns about cryptocurrency at the Reserve Bank of India. Governor Shaktikanta das stated that cryptocurrencies pose a grave concern for RBI’s macroeconomic stability and financial stability.