The first Parliamentary panel on Tuesday declared that cryptocurrency can’t be stopped but must be regulated in India.
The meeting saw discussions over the broad contours of Crypto Finance.
The Standing Committee on Finance was chaired by BJP’s Jayant Sinha with representatives of crypto exchanges, Blockchain and Crypto Assets Council (BACC), industry bodies, among others.
They all discussed concerns regarding the regulation and promotion of Cryptocurrency in India.
Since there have been a lot of concerns raised when it comes to investment potential and risks around Cryptocurrency in the country.
The security of investors’ money remains the most serious concern so far.
Also, an MP, during the meeting, expressed concern over full-page Cryptocurrency advertisements in national dailies.
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As per the experts, Cryptocurrencies are some kind of investors’ democracy.
This panel meeting comes days after PM Modi chaired a high-level meeting with officials from various ministries and RBI on the issue of Cryptocurrency.
Currently, El Salvador is the only country that recognises Cryptocurrency as a legal tender.
The Finance Ministry has already held several meetings with stakeholders on the issue of regulation.
Both the RBI and SEBI have raised concerns over the unregulated growth of Cryptocurrencies in India.
The Supreme Court in March 2020 had nullified the RBI circular banning Cryptocurrencies.
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