Representatives of crypto exchanges, Blockchain and Crypto Assets Council (BACC), industry bodies and other stakeholders will make their submissions on crypto finance today. before a parliamentary panel chaired by BJP leader Jayant Sinha. BJP MP and former union minister Jayant Sinha is the chairman of the committee.
Talking about the meeting, panel chairman Sinha said the meeting on crypto finance will discuss the opportunities and challenges this fast evolving industry presents to the regulators and policy makers.
“We have called stakeholders from across the industry including operators of major exchanges, members of CII as well as academics from the Indian Institute of Management (IIM) Ahmedabad, who have done a very thorough study on the crypto finance,” Sinha told PTI.
This will be the first meeting on the subject to be convened by the Parliamentary Standing Committee on Finance on the subject, which has generated a lot of interest as well as concerns in various quarters around investment potential and risks.
Flagging the issue of misleading non-transparent advertising on cryptocurrency, Prime Minister Narendra Modi on Saturday chaired a comprehensive meeting on the way forward for cryptocurrency and related issues in which it was discussed that unregulated crypto cannot be allowed for money laundering and terror financing, according to government sources.
The meeting was held after a consultative process done by the Reserve Bank of India, the Finance Ministry, and the Ministry of Home Affairs (MHA) in which global and Indian experts were consulted and global examples and best practices studied.
The RBI has repeatedly reiterated its strong views against cryptocurrencies saying they pose serious threats to the macroeconomic and financial stability of the country and also doubted the number of investors trading on them as well their claimed market value.
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