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.
A notice from Lok Sabha Secretariat states that the official agenda for the meeting was to hear the opinions of industry experts and associations ‘on the topic of ‘cryptofinance’: Opportunities and Challenges. Jayant Sinha, BJP’s president, presided over the meeting.
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 crypto 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 Meeting’s Outcome and the Need for Crypto Regulation
Sources told ANI publication that the meeting was concluded.
It was agreed that although cryptocurrency cannot be stopped, it can be controlled. It was agreed that cryptocurrency should be regulated by a regulatory system.
The publication stated that stakeholders and industry associations were not clear on who should oversee the Indian crypto sector.
Parliament members expressed grave concern about the security of investor’s money at the meeting. One member of parliament expressed concern about full-page crypto ads appearing in national newspapers.
Another member of parliament pointed out that El Salvador is currently the only country that recognizes cryptocurrency as legal tender in addition to the U.S. dollars. The publication stated that experts believe that cryptocurrency is a form of investors’ democracy.
Members of the Parliamentary Standing Committee on Finance want officials from the government to address their concerns.
The governor of the central bank stated recently that there are serious and major concerns about cryptocurrency at the Reserve Bank of India. Governor Shaktikanta das stated that cryptocurrency is a major concern for RBI’s macroeconomic stability and financial stability.