In Brief:
- The MP of the Indian Government revealed in an interview to allow crypto operations in the country with regulations.
- The Finance committee is in talks with the crypto industry representatives to take their views.
- This meeting can push for the reintroduction of a bill on cryptocurrency in the winter session.
Finally, the Indian government hosted its first-ever parliamentary panel discussing Crypto Finance. Today, the talk between the Panel of the Indian Government and crypto industry representatives ended with the decision that the country will allow crypto operations in the country with regulations.
The meeting between the crypto industry and the panel came just days before the winter session of the parliament. This meeting can push for the reintroduction of a bill on cryptocurrency in the winter session.
The meeting was conducted between the standing committee on Finance, chaired by Jayant Sinha and representatives of different crypto exchanges, Blockchain Blockchain and Crypto Assets Council (BACC), industry bodies, and other stakeholders to discuss the risk associated with cryptocurrency in India.
Jayant Sinha, a chairman of the Parliamentary Committee on Finance stated in an interview that he is ready to explore the opportunity in the form of revolutionary blockchain technology, But there will be some regulation in place to ensure the security of 15 million Indian crypto investors. At present, the total investment in cryptocurrency surpassed $6 billion by Indian users.
While there was a consensus on a regulation requirement, who will regulate the cryptocurrency is yet to be decided. Sinha said that cryptos will have to be regulated differently depending on their use-cases.
“Regulatory framework will have to balance the opportunities and risks attached to cryptocurrencies,” Sinha said in an interview.
“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,” Mr. Sinha stated ahead of the meeting.
The purpose behind this planned meeting was to understand the views of crypto industry experts. The panel also wants to include government officials to hear the flaws of cryptocurrency.
