On Saturday, 13th November 2021, Prime Minister Modi chaired a meeting regarding the role of cryptocurrency and how will the government move forward with cryptocurrency and related issues. This is the first step the Centre has taken to formulate a long-term digital currency strategy and a crypto bill.
Today, Lok Sabha members will be meeting up with representatives of major crypto exchanges like WazirX, CoinDCX, CoinSwitch Kuber, and others.
According to sources, this meeting will be held with industry experts on the subject of ‘CryptoFinance’: Opportunities and challenges.” It will be hosted by the Parliamentary Standing Committee on Finance.
Apart from the representatives from major crypto exchanges, the list of attendees will also include representatives from the India Internet and Mobile Association (IAMAI) Blockchain and Crypto Assets Council (BACC).
The meeting will pave way for a comprehensive bill on cryptocurrency that could be presented to the government later this month during the Winter Session of Parliament.
With the rising popularity of cryptocurrencies, where even celebrities are endorsing it, it has become imperative that the government take regulatory measures because unregulated crypto markets might become an avenue for money laundering and terror financing.
This bill could also involve putting legal curbs against misleading and non-transparent advertising.
During the first meeting held between the Finance Ministry and the Home Ministry along with the Reserve Bank of India (RBI), the RBI conveyed its reservation on cryptocurrency.
RBI Governor Shaktikanta Das has stated, “There is no change in the RBI’s position. We have major concerns around cryptocurrencies, which we have conveyed to the government. And, about investors, it is for each investor to do his/her due diligence and take a very careful and prudent call.”
In the last Budget session, the government had issued ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’, which prohibited most private cryptocurrencies in India except a few to promote the underlying technology of cryptocurrency and its uses.
Unlike China, the Centre does not want to ban cryptocurrencies. In fact, they want to adopt a more moderate regulatory route as it provides an economic opportunity to everyone.
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