Friday, February 3, 2023

Parliamentary Committee To Organize Meeting With Top Stakeholders Of Crypto Industry

The Parliamentary Standing Committee on Finance has announced to hold a closed-door meeting with the top stakeholders of the crypto industry, including the top crypto exchanges and the members of the Blockchain and Crypto Assets Council (BACC), on November 15, according to a report published by ANI.

This will be for the first time, the committee has decided to formally hold a meeting on “CryptoFinance: Opportunities and Challenges”, with the top stakeholders of the crypto industry.

On November 13, Indian Prime Minister Narendra Modi hold a discussion on the way forward for cryptocurrency amid concerns over its misleading claims of huge returns on investments. Following that discussion, the committee, which is currently being led by the former union minister of India, Jayant Sinha, announced to hold a meeting with the crypto experts.

According to the sources, the government made a consensus that “attempts to mislead the youth through over-promising and non-transparent advertising have to be stopped.” 

The government is likely to hold further discussions on the issue with other industry experts and stakeholders. It might also collaboate with other companies globally and get some collective strategies to resolve the issue. 

As per the report, a few days ago, the Reserve Bank of India (RBI), Union Ministry of Finance, and the Home Ministry completed the consultative process, in which the global and the Indian experts shared their views, studied best practices and offered global examples. Following that, the Prime Minister of India decided to hold a meeting in Saturday.  

The recent report by local media suggests that, “The government is cognizant of the fact that this (cryptocurrency) is an evolving technology, it will keep a close watch and take proactive steps. There was also consensus that the steps taken in this field by the government will be progressive and forward-looking.”

A week ago, RBI Governor Shaktikanta Das shared his views on cryptocurrency and stated that cryptos are serious threat to any financial system because of their unreguated nature.

In March 2020, the Supreme Court of India revoked the blanket ban imposed by the RBI on cryptocurrency trading in 2018. Following this on February 05, 2021, the central bank of India contstituted an internal panel for central bank digital currency (CBDC).

The central bank has already expressed its concern regarding private cryptocurrencies in the country, therefore, the RBI has decided to introduced its own digital currency in the country.

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