The Financial Committee of the Indian Parliament met with representatives of the cryptocurrency industry and other stakeholders on cryptocurrency and its supervision. “There is an understanding that cryptocurrency cannot be blocked, but must be regulated” and “It is agreed that a regulatory mechanism should be established to regulate cryptocurrency.”

The first cryptocurrency parliamentary meeting with stakeholders and industry experts

The Standing Committee on Finance of India held a meeting with representatives of the crypto industry on Monday. This is the first time that India has held parliamentary discussions on the broad topic of crypto finance involving the industry.

According to the notice issued by the Lok Sabha Secretariat, the official agenda of the meeting distributed to members of the Parliament is to listen to the opinions of associations and industry experts on the topic of’crypto finance: opportunities and challenges.’ The meeting was hosted by Jayan Sinha of the People’s Party.

Sinha told the news agency PTI before the meeting:

We convened stakeholders from the entire industry, including operators of major exchanges and members of CII [Confederation of Indian Industry] And scholars from Ahmedabad, Indian Institute of Management (IIM), who have conducted very in-depth research on crypto finance.

According to reports, representatives from the crypto industry include executives from crypto exchanges and members of the Blockchain and Crypto Assets Committee (BACC). The purpose of the conference was to discuss the direction of the encryption industry and the promotion of encryption in India.

Meeting results and the need for encryption supervision

After the meeting, the source told the ANI publication:

There is an understanding that cryptocurrencies cannot be blocked, but they must be supervised… People agree that a regulatory mechanism should be established to supervise cryptocurrencies.

However, the publication added that industry associations and stakeholders are not clear about who should be the regulator overseeing the Indian crypto industry.

In addition, the safety of investor funds is the most serious concern expressed by members of Congress at the meeting. A lawmaker emphasized concerns about full-page encrypted advertisements in national newspapers.

Another congressman pointed out that El Salvador is the only country that recognizes cryptocurrency as legal tender along with the U.S. dollar. “Experts say that cryptocurrency is a kind of investor’s democracy,” the publication noted, adding:

Members of the Parliamentary Standing Committee on Finance now want government officials to appear before them and address their concerns.

Recently, the governor of the central bank stated that the Reserve Bank of India (RBI) has serious and significant concerns about cryptocurrencies. “From a macroeconomic and financial stability perspective, cryptocurrency is a serious concern for the Reserve Bank of India,” Said Governor Shaktikanta Das.

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