Although Cryptocurrency is inevitable,but there has to be certain regulations on it and this was the main concern in Parliamentary panel discussion meeting and also discussion was related to broad contours of Crypto Finance as well. The standing committee on Finance was headed by BJP’s Jayant Sinha and he had showed concern by meeting representatives of crypto exchanges, Crypto Asset Council (BACC) and Other stakeholders as well as blockchain to discuss about regulation and also promotion of Cryptocurrency in India. Alongwith this, concern is also of different quarters for investments holding risks with cryptocurrency around the globe.
So, the focus of the meeting revolved around setting a regulatory setup for crypto, although this was not certain as to who is going to be the regulator behind. This discussion was cause of the safety of investors amount involved with trading with Crypto. Even the Member of Parliament being part of meeting also expressed his concern for promotion of cryptocurrency by way of full page cryptocurrency advertisements in the national dailies. Also this is clearly mentioned that cryptocurrencies are investors democracy.
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Subject In Panel Meeting
Panel Meeting is considered to be noticed and important as it had come into existence just after Prime Minister Narendra Modi had showed concern in a high level meeting with various official ministers and RBI in relation with cryptocurrency. Jayant Sinha also proclaimed about the discussion with various stakeholders from around the industry, involving major exchange operators, members of C11, also academics from Indian Institute Of Management (IIM) Ahmedabad as they have done thorough study on crypto finance. All this he had mentioned after panel meeting.
MPs Concern
MPs are of the concern that government officials should appear in front of the committee and discuss in detail about their issues. To this, the official agenda of meeting is revolved to member MPs, “ Hearing the views of Industry/Association experts on the topic- Crypto Finance: opportunities and Challenges.”
EI Salvador is thought off to be single country which has recognised cryptocurrency as legal, according to some other MP.
Condition Of Cryptocurrency In India
For discussing issues concerning regulation, the Finance Ministry has held various meetings for the same with its stakeholders. Further, The Reserve Bank Of India and The Securities and Exchange Board of India have also showed concern for the unregulated growth of the cryptocurrencies in India, considering the retail investors for the same.
The RBI Governor, Shaktikanta Das has discussed his concern on Wednesday at some Business Standard event that, they are having some serious issues regarding the macroeconomic financial stability. The way issues are to be resolved, detailed suggestions are provided for the same to the government, to this, he further said that as per his knowledge, this matter is under the active concern of the government and so the government would take appropriate action accordingly.
Where, with the start of March 2020, The Supreme Court had canceled out RBI circular, thereby putting a halt to cryptocurrencies. For regulating the cryptocurrencies, an MP attending meeting on Crypto Finance had so showed about government’s planning of providing new bill for the same. With the start of November 29, 2021, new Bill might come into existence in winter session of Parliament.
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