Jayant Sinha led Par panel to gather views from crypto exchanges | What will be the future of cryptocurrency in India?, Parliamentary committee to discuss with crypto exchanges, stakeholders today


Jayant Sinha led Par panel to gather views from crypto exchanges

New Delhi. Representatives of crypto exchanges, Block Chain and Crypto Assets Council (BACC), industry bodies and other stakeholders on Monday presented their views on crypto finance before the Parliamentary Committee on the Future of Cryptocurrency in India headed by BJP leader and former Minister of State for Finance Jayant Sinha. Will give This will be the first meeting on the subject to be convened by the Parliament’s Standing Committee on Finance. Interest and concerns from various parties regarding the investment potential and risks of crypto finance have increased rapidly in recent times. This parliamentary committee will also take suggestions from the academicians of IIM Ahmedabad.

The meeting on Monday afternoon assumes significance as a few days back Prime Minister Narendra Modi chaired a high-level meeting on the issue of cryptocurrencies with officials from various ministries and RBI. Sinha, chairman of the committee and former minister of state for finance, said about the meeting that opportunities and challenges related to crypto finance will be discussed by regulators and policy makers due to the rapidly growing industry. Sinha said that we have invited stakeholders from the entire 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 crypto finance. He further said that the committee has also called representatives of the India Internet and Mobile Association of India.

Strong regulator will be made for cryptocurrencies

Prime Minister Narendra Modi on Saturday chaired a meeting to decide the future course of action on the issue, amid concerns over misleading claims of huge returns on investment in cryptocurrencies. He stressed that such unregulated markets cannot be allowed to become a source of money laundering and terrorist financing. He indicated that strong regulatory measures would be taken in this regard soon.

The government is aware that this is an evolving technology. She will keep a close watch on it and take proactive steps. It was also agreed that the steps taken by the government in this area would be progressive and forward thinking. The government will actively engage with experts and other stakeholders. As the subject transcends geographical boundaries, it was felt that it would also require global participation and collective strategies.

RBI, Ministry of Finance, Ministry of Home Affairs held detailed discussions on this as well as consulted experts from across the country and the world and best practices and examples from around the world were taken into account. RBI has repeatedly reiterated its firm stand against cryptocurrencies, saying it could pose a serious threat to the country’s macroeconomic and financial stability. The central bank has also raised doubts on their market value.

RBI Governor Shaktikanta Das had on Wednesday reiterated his views against allowing cryptocurrencies, saying they pose a serious threat to any financial system as they are not controlled by central banks. The report of RBI’s internal panel on cryptocurrencies is expected next month. The Supreme Court struck down the RBI circular banning cryptocurrencies in early March 2020. After this, on February 5, 2021, the central bank constituted an internal committee to suggest the model of this digital currency.

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