The first meeting of the Indian parliamentary panel on cryptocurrency was held on Monday. According to sources, the meeting, led by BJP leader Jayant Sinha, agreed that crypto and blockchain technology cannot be completely banned. This needs to be regulated properly
During the meeting, the Parliamentary Standing Committee discussed cryptocurrencies with representatives of crypto exchanges, industry bodies, and other stakeholders. Rising investments in cryptocurrencies over the past few years have posed financial risks as well as many more threats.
Cryptocurrency needs to be closely monitored
According to sources, it was agreed in the parliamentary meeting that a regulatory mechanism should be set up to regulate cryptocurrencies. However, industry associations and stakeholders were not clear about who should have the door in their hands.
Sources said the panel’s members of parliament (MPs) also expressed concern about the security of investors’ money. He also questioned advertising on promoting cryptocurrencies in social letters.
News agency ANI quoted sources as saying that MPs also want their concerns over cryptocurrencies. Appear before the government rights panel to remove it. However, it did not say which government officials would be called.
The PM-led meeting was held on November 13
The Modi government is in action over cryptocurrencies. A meeting on the issue was held on November 13 under the leadership of Prime Minister Narendra Modi himself. The meeting followed a joint consultation process by the Reserve Bank, the Ministry of Finance, and the Ministry of Home Affairs in which ministries consulted experts from various countries and around the world on cryptocurrencies.
The central government is said to be ready to introduce a comprehensive bill on cryptocurrencies, which could be introduced in the upcoming winter session of Parliament. According to an India Today report, the Standing Committee on Finance on cryptocurrencies is scheduled to meet next on November 15. In which all aspects of it will be considered.
RBI concerns over cryptocurrency
It may be recalled that the Reserve Bank of India (RBI) has already placed its stand before the government on cryptocurrencies. The central bank on Friday clarified its position on digital assets saying it has serious concerns about it. RBI Governor Shaktikanta Das says there has been no change in the RBI situation over virtual currency. We have major concerns about cryptocurrencies that we have told the government. He said investors also need to be very cautious about digital currency.
Ethan is a senior writer at Crunchoid Inc, where he covers media and advertising and co-hosts the Original Content podcast. Previously, he worked as a tech writer at a famous media publication and as a senior editor at a tech blog.