Indian Parliamentary Committee To Meet With Crypto Industry Today

Story Highlights
  • Parliamentary Standing Committee to hold a "closed door" meeting with the top stakeholders of the cryptocurrency industry today.
  • This is the first time to formally have a discussion on the industry.
  • There are 30 members in the committee.

New Delhi: According to official sources, the Indian parliamentary committee on finance has planned to hold a meeting with prominent crypto industry stakeholders on Monday. Participants from prominent crypto exchanges, members of the Blockchain and Crypto Assets Council (BACC), and others are expected to attend the closed-door meeting. The meeting will take place in Parliament House in New Delhi at 3 p.m.

The committee has invited industry stakeholders to a formal discussion on the industry for the first time. It also comes just days after Prime Minister Narendra Modi presided over a discussion on the future of cryptocurrencies, which was convened in response to worries over the cryptocurrency’s misleading promises of huge returns on investment.

Jayant Sinha, a member of Parliament who formerly served as Minister of State for Finance and Minister of State for Civil Aviation, is the committee’s chairperson. The committee consists of 30 members, including Sinha, members of the Lok Sabha, and members of the Rajya Sabha, India’s upper house of Parliament. Members of the Blockchain and Crypto Assets Council (BACC) of the India Internet and Mobile Association (IAMAI), such as CoinSwitch Kuber, CoinDCX, WazirX, Unocoin, and others, are invited. The board of BACC is in charge of overseeing crypto exchange compliance with a set of self-regulatory principles that prohibit money laundering, terrorist funding, and other illegal activities.

On this subject, the government will continue to consult with experts and other industry players. Because the problem transcends national borders, the administration believes that global alliances and collective strategies will be required. On Wednesday, RBI Governor Shaktikanta Das reiterated his opposition to cryptocurrencies, claiming that because they are unregulated by central banks, they pose a severe danger to any financial system. 

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