The Indian government over the weekend has been working on how best to handle the embattled crypto industry in the country. Series of meeting held towards that and continued on Monday as deliberations continue on what next and how best they would manage cryptocurrencies in the country.
The Indian government on Saturday held a meeting described by crypto India as what may have determined the future of cryptocurrency in the country. The Indian Prime Minister Narendra Modi and several stakeholders were present at the meeting, where they deliberated on the way forward for cryptocurrency.
After the meeting, it is safe to conclude that the country is planning progressive and forward-looking measures on issues related to cryptocurrencies, a move that could be a departure from its earlier attempts to restrict the use of digital assets.
Anonymous sources revealed that it was decided that the government will continue to proactively engage with experts and other stakeholders on the evolving technology in crypto India.
India Parliament continue meeting with crypto stakeholders
Towards determining the future of crypto India, the parliamentary committee on finance held a meeting with representatives from the crypto industry and other stakeholders on cryptocurrency.
At the meeting, “CryptoFinance: Opportunities and Challenges” was discussed.
Monday’s parliamentary session with crypto stakeholders was chaired by the ruling party’s MP and former union minister, Jayant Sinha. At the end of the session, they concluded that cryptocurrency can’t be stopped, but it must be regulated” and “There was a consensus that a regulatory mechanism should be put in place to regulate cryptocurrency.
The meeting by the parliament with crypto stakeholders was India’s first-ever parliamentary discussion of the broad subject of crypto finance involving the industry.
In a notice by Lok Sabha Secretariat, the official agenda of the meeting circulated to members of parliament was to hear the views of associations and industry experts “on the subject of ‘cryptofinance: opportunities and challenges.”
After the meeting, local report in India Hindustan Times quoted ANI publication that an understanding that cryptocurrency can’t be stopped, but it must be regulated was reached. There was a consensus that a regulatory mechanism should be put in place to regulate cryptocurrency.
The parliament previously raised concern over security of investors’ money and crypto ads. However, the crypto community was not clear as to who should be the regulator overseeing the crypto sector in the Asian country.