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#IndiaWantsCrypto: Indian government says it will not ban cryptocurrency but will regulate it
The Indian government has agreed to not ban cryptocurrency in the country. More so, the consensus was reached at the first-ever…
The Indian government has agreed to not ban cryptocurrency in the country. More so, the consensus was reached at the first-ever Parliamentary panel discussing the broad contours of Crypto Finance.
An agreement such as this will likely pave the way for official recognition of cryptocurrency in India for the first time ever.
It will precede the cryptocurrency bill that is currently speculated to be in the works and will likely be presented to the Indian government later this month during the Winter Session of Parliament.
Top sources present in the meeting hinted that the first regulation from the government on cryptocurrencies might bring legal curbs against misleading and non-transparent advertising. The sources indicated that the unregulated crypto market cannot be allowed to become a portal for money laundering and terror financing.
Security of investors’ money was the most serious concern expressed in the meeting. A Member of Parliament who was part of the meeting expressed concern over full-page Cryptocurrency advertisements in national dailies. Experts said that Cryptocurrencies are some sort of investors’ democracy.
The panel’s meeting assumes significance as it comes days after Prime Minister Narendra Modi chaired a high-level meeting with officials from various ministries and RBI of the Indian government on the issue of Cryptocurrency.
So, finally, there are some very encouraging words we are getting to see from Government of India.
We at team Biryani Coin, along with all the crypto enthusiasts are rejoicing & are looking forward to more from them#cryptotrading #IndiaWantsCrypto #mondaythoughts pic.twitter.com/oIhpbG9Idz
— Biryani Coin© (@bircoin_brc) November 15, 2021
“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 had told news agency PTI ahead of the meeting.
MPs now want government officials to appear before the committee and address their concerns. The official agenda of the meeting circulated to member MPs was, “Hearing of views of Associations/Industry experts on the subject – Crypto-Finance: Opportunities and Challenges”.