Crypto Funding | Parliamentary panel led by Jayant Sinha to gather views from crypto exchanges and stakeholders

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The panel, led by Jayant Sinha, who is also a former Minister of State for Finance, will also bring together contributions from academics from IIM-Ahmedabad.

Representatives from the crypto exchanges, blockchain and Crypto Assets Council (BACC), industry bodies and other stakeholders will present their observations on crypto finance on Monday to a parliamentary panel chaired by the leader of the BJP Jayant Sinha.

This will be the first meeting on the subject to be convened by the Standing Parliamentary Finance Committee on the subject, which has generated a lot of interest as well as concerns in various quarters around the potential and risks of investment.

The panel, chaired by Mr. Sinha, who is also a former Minister of State for Finance, will also bring together contributions from academics from IIM-Ahmedabad.

The panel meeting, due to be held in the afternoon, is growing in importance as it comes days after Prime Minister Narendra Modi chaired a high-level meeting with officials from various ministries and RBI on the question of cryptocurrency.

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“We called on stakeholders from across the industry, including operators of major stock exchanges, members of CII as well as academics from the Indian Institute of Management (IIM) Ahmedabad, who carried out a very in-depth study on the crypto-finance, ”Sinha said. PTI.

He further said the panel also called representatives from the India Internet and Mobile Association of India, including BACC, a specific body that deals with cryptofinance players.

“We will hear from them their perspective on the appropriate regulatory framework for this industry as it continues to develop and evolve,” he said.

The Supreme Court canceled the RBI circular banning cryptocurrencies in early March 2020. As a result, on February 5, 2021, the Central Bank instituted an internal panel to come up with a model for the Central Bank’s digital currency.

The RBI had announced its intention to release an official digital currency, in the face of the proliferation of cryptocurrencies like Bitcoin about which the Central Bank had many concerns.

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Private digital currencies / virtual currencies / cryptocurrencies have grown in popularity over the last decade or so. Here, regulators and governments have been skeptical of these currencies and fear the associated risks.

It can be noted that on March 4, 2021, the Court of Cassation canceled an RBI circular of April 6, 2018, prohibiting banks and entities regulated by it from providing services in the field of virtual currencies.

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