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Crypto India: Parliament speaks with stakeholders on way forward

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TL;DR Breakdown

  • Parliament meets with crypto India stakeholders on Industry future.
  • Meeting was to hear views of industry expert on cryptofinance.
  • Lawmakers and crypto India resolved that crypto needs to be regulated.

Towards determining the future of crypto India, the parliamentary committee on finance held a meeting with representatives from the crypto industry and other stakeholders on cryptocurrency.

The meeting where “CryptoFinance: Opportunities and Challenges” was discussed follows a meeting held on Saturday by the Indian Prime Minister Narendra Modi and several stakeholders where they deliberated on the way forward for cryptocurrency.

Monday’s parliamentary session with crypto stakeholders was chaired by the ruling party’s MP and former union minister, Jayant Sinha. At the end of the session, they concluded that cryptocurrency can’t be stopped, but it must be regulated” and “There was a consensus that a regulatory mechanism should be put in place to regulate cryptocurrency.

What parliamentary meeting with crypto India was all about

The meeting by the parliament with crypto stakeholders was India’s first-ever parliamentary discussion of the broad subject of crypto finance involving the industry.

In a notice 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 “on the subject of ‘cryptofinance: opportunities and challenges.’”

Sinha, who chaired the meeting, said the meeting also involved 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.

Eventual resolution

After the meeting, local report in India Hindustan Times quoted ANI publication that an understanding that cryptocurrency can’t be stopped, but it must be regulated was reached. There was a consensus that a regulatory mechanism should be put in place to regulate cryptocurrency.

The parliament previously raised concern over security of investors’ money and crypto ads. However, the crypto community was not clear as to who should be the regulator overseeing the crypto sector in India.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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