India will not put a ban on Cryptocurrencies, but they must be regulated, according to a parliamentary committee
Despite recognising that a regulatory framework was required, none of the parties could agree on a regulator for the budding crypto business.
The numerous parties at the Parliamentary Standing Committee on Finance’s crypto meeting apparently came to the agreement that “cryptocurrency cannot be halted,” but it must be “controlled,” according to government sources.
This was the Standing Committee’s first such meeting, and it included members from crypto exchanges, block chains, and the Crypto Assets Council (BACC), among others. Despite recognising that a regulatory framework was required, none of the parties could agree on a regulator for the budding crypto business.
“It was agreed that a regulatory structure to control cryptocurrency should be put in place.” “Who should be the regulator was unclear to industry associations and stakeholders,” the person told news agency ANI.
The panel, moderated by Jayant Sinha, also discussed the issue of protecting “the security of investors’ money,” with one member expressing concern about the printing of full-page advertisements on cryptocurrencies in national newspapers.
“Stakeholders from across the industry, including operators of key exchanges, members of CII, and academics from the Indian Institute of Management (IIM) Ahmedabad, who have done a very thorough study on crypto finance,” Sinha said of the committee.
According to sources, the panel’s specialists and professors from the Indian Institute of Management in Ahmedabad “claimed that cryptocurrencies represent some form of investors’ democracy.”
The Supreme Court of India recently overturned a Reserve Bank of India directive prohibiting the use of digital currency.
The committee’s next move is to summon government officials to testify before it and answer any outstanding concerns.
