Meeting regarding crypto currency in the parliament today
government officials and representatives from cryptocurrency corporations to examine the benefits and drawbacks of using cryptocurrencies in India.
Government officials are expected to attend an official meeting today to explore the role of cryptocurrencies in India, according to sources. The officials will meet with the industry's leading crypto players, including crypto exchanges such as WazirX, CoinDCX, CoinSwitch Kuber, and others.
The meeting, which was initially hinted at last week, is expected to be India's first official engagement between government officials and cryptocurrency stakeholders. Players in the crypto business had been in informal talks with government officials prior to this, but the Indian government has yet to take a clear stance on the use of cryptocurrencies in the nation.
The meeting would be convened by the Lok Sabha, the lower house of parliament, on the matter, according to sources, "Hearing of the views of associations, industry experts on the subject of 'CryptoFinance': Opportunities and challenges." The Parliamentary Standing Committee on Finance will host the event.
Representatives from the India Internet and Mobile Association (IAMAI) Blockchain and Crypto Assets Council (BACC), which includes the top crypto exchanges in India, would most likely attend the meeting.
For the first time in India, the summit is expected to pave the door for formal recognition of cryptocurrencies. It will come before the cryptocurrency bill, which is rumoured to be in the works and is expected to be presented to the government later this month during Parliament's Winter Session.
The meeting will take place after Prime Minister Narendra Modi's comprehensive meeting on Saturday. The seminar focused on the future of cryptocurrency and other related topics. The over-promising and lack of transparency related with cryptocurrency were the two key points raised throughout the discussion.
Top sources present at the conference hinted that the government's initial legislation on cryptocurrency could include legal restrictions on deceptive and non-transparent advertising. The uncontrolled crypto market, according to the sources, cannot be allowed to become a conduit for money laundering and terror financing.
Until date, the exchanges have operated under self-regulatory norms, most of which have been established by the BACC board, which also verifies compliance with all industry participants. The government's intervention, accompanied by its own set of regulations, is likely to result in adjustments to the existing structure, as well as a much-needed formal admission of the country's new style of finance.