Crypto future in India on hold? Govt to meet WazirX, CoinDCX and other firms next week
Government will hold meeting on November 15 with the stakeholders of the crypto industry and crypto exchange platforms of India to talk about the impact of cryptocurrency in India's financial sector.
New Delhi: Cryptocurrencies are gaining immense popularity in countries across the globe and India is not far behind. Indian investors seemed to be actively investing in cryptos and the government is taking note of it.
For the first time, the government officials have called for a meeting with the top stakeholders in the crypto industry, including several crypto exchange platforms that we often see in daily commercials.
The meeting will be held by Lok Sabha, the lower house of the Parliament on November 15. Reportedly, the topic of the meeting is titled “Hearing of the views of associations, industry experts on the subject of ‘CryptoFinance’: Opportunities and challenges.” The meeting will be hosted by the Parliament Standing Committee on Finance.
The scheduled meeting will be attended by a representative from the India Internet and Mobile Association (IAMAI) Blockchain and Crypto Assets Council (BACC), as well as some of the top crypto exchanges of India namely WazirX, CoinDCX, CoinSwitch Kuber, and among others.
So far, the exchange platforms were running on self-regulatory guidelines issued by the BACC board which was based on the agreement signed by the players of the crypto industry. The stakeholders earlier discussed the same with the government, however, no actions were taken by the latter as far as crypto trading in India was concerned.
According to Economic Times, the meeting will be taken forward by the stakeholders who will be addressing the committee led by the Lok Sabha member and junior minister of finance, Jayant Sinha. Besides, the committee has already sent a list f questions to BACC.
This meeting will be the first-ever official step towards the regulation of cryptocurrency in India. The meeting is held after years of the government’s earlier ban on the use of cryptocurrency in the nation, especially several concerns put forward by RBI about their impact on the financial sector.
Reportedly, the government wishes to explore what impact cryptocurrency may have on India’s economy. Thus the meeting on November 15 will be a decisive event before the anticipated cryptocurrency bill to be presented to the Parliament later this year.