{"id":14336,"date":"2021-11-15T17:54:07","date_gmt":"2021-11-15T17:54:07","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/indian-parliament-committee-discusses-crypto-regulation-with-industry-experts\/"},"modified":"2021-11-15T17:54:07","modified_gmt":"2021-11-15T17:54:07","slug":"indian-parliament-committee-discusses-crypto-regulation-with-industry-experts","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/indian-parliament-committee-discusses-crypto-regulation-with-industry-experts\/","title":{"rendered":"Indian Parliament Committee Discusses Crypto Regulation With Industry Experts"},"content":{"rendered":"

India\u2019s parliamentary committee on finance has held a meeting with representatives from the crypto industry and other stakeholders on cryptocurrency and its oversight. \u201cThere was an understanding that cryptocurrency can\u2019t be stopped but it must be regulated\u201d and \u201cThere was a consensus that a regulatory mechanism should be put in place to regulate cryptocurrency.\u201d<\/strong><\/p>\n

First Parliamentary Meeting Dedicated to Crypto With Stakeholders and Industry Experts<\/h2>\n

India\u2019s Standing Committee on Finance held a meeting with representatives from the crypto industry Monday. This was India\u2019s first-ever parliamentary discussion of the broad subject of crypto finance involving the industry.<\/p>\n

According to a notice posted 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 \u201con the subject of \u2018cryptofinance: opportunities and challenges.\u2019\u201d The meeting was chaired by BJP\u2019s Jayant Sinha.<\/p>\n

Sinha told news agency PTI ahead of the meeting:<\/p>\n

We have called stakeholders from across the industry including operators of major exchanges, members of CII [Confederation of Indian Industry] as well as academics from the Indian Institute of Management (IIM) Ahmedabad, who have done a very thorough study on crypto finance.<\/p>\n

According to reports, the representatives from the crypto industry include executives of crypto exchanges and members of the Blockchain and Crypto Assets Council (BACC). The meeting aimed to discuss the way forward for the crypto industry as well as crypto promotion in India.<\/p>\n

The Outcome of the Meeting and the Need for Crypto Regulation<\/h2>\n

Following the meeting, sources told ANI publication:<\/p>\n

There was an understanding that cryptocurrency can\u2019t be stopped but it must be regulated \u2026 There was a consensus that a regulatory mechanism should be put in place to regulate cryptocurrency.<\/p>\n

However, the publication added that industry associations and stakeholders were not clear as to who should be the regulator overseeing the crypto sector in India.<\/p>\n

In addition, the security of investors\u2019 money was the most serious concern expressed by parliament members at the meeting. One member of parliament stressed concern over full-page crypto ads in national newspapers.<\/p>\n

Another parliament member pointed out that El Salvador is the only country to recognize cryptocurrency as legal tender alongside the U.S. dollar. \u201cExperts said that cryptocurrencies are some sort of investors\u2019 democracy,\u201d the publication noted, adding:<\/p>\n

Members of Parliamentary Standing Committee on Finance now want government officials to appear before them and address their concerns.<\/p>\n

Recently, the governor of the central bank said that the Reserve Bank of India (RBI) has serious and major concerns regarding cryptocurrency. \u201cCryptocurrencies are a serious concern to RBI from a macroeconomic and financial stability standpoint,\u201d said<\/a> Governor Shaktikanta Das.<\/p>\n

What do you think about the Indian parliamentary committee meeting with industry experts on crypto? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, Crypto Experts, Crypto regulation, Cryptocurrency regulation, India, indian crypto regulation, indian parliament, indian parliament committee, indian parliament crypto, industry experts, lok sabha<\/p>\n","protected":false},"excerpt":{"rendered":"

India\u2019s parliamentary committee on finance has held a meeting with representatives from the crypto industry and other stakeholders on cryptocurrency and its oversight. \u201cThere was an understanding that cryptocurrency can\u2019t be stopped but it must be regulated\u201d and \u201cThere was a consensus that a regulatory mechanism should be put in place to regulate cryptocurrency.\u201d First…<\/p>\n","protected":false},"author":0,"featured_media":14337,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14336"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14336"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14336\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14337"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}