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A parliamentary finance committee is expected to hold a meeting of key players in the crypto industry on Monday, according to several reports. The meeting, which would be behind closed doors, will bring together attendees from major crypto exchanges, members of the Blockchain and Crypto Assets Council (BACC), among others.
This is the first time that the committee has invited industry stakeholders to formally hold an industry discussion. It also comes days after Prime Minister Narendra Modi chaired a meeting on the way forward for cryptocurrency amid concerns over his misleading claims of huge returns on investment.
According to several news agencies, the government has reached a consensus that “attempts to mislead young people with overly promising and non-transparent advertisements must be stopped”. “The government is aware that this is an evolving technology, it will closely monitor and take proactive measures. There was also a consensus that the measures taken in this area by the government will be progressive and forward-looking, “the PTI agency reported on Saturday.
He further said the government would continue to speak with experts and other industry stakeholders on the issue. As the problem transcends geographic boundaries, the government has also felt that it will require global partnerships and collective strategies.
Saturday’s meeting was the result of a consultative process as the Reserve Bank of India (RBI), the Union Ministry of Finance, the Home Office conducted an elaborate exercise in which global experts and Indians were consulted and global examples and best practices explored.
RBI Governor Shaktikanta Das reiterated his views against the authorization of cryptocurrencies on Wednesday, saying they pose a serious threat to any financial system because they are not regulated by central banks.
In early March 2020, the Supreme Court overturned the RBI circular banning cryptocurrencies. Following this on February 5, 2021, the central bank set up an internal panel to propose a model of the central bank’s digital currency.
RBI has announced its intention to release an official digital currency, in the face of the proliferation of cryptocurrencies like Bitcoin about which the central bank has had many concerns.
(With PTI inputs)
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