Parliamentary Standing Committee meeting on cryptocurrency, members demanded to regulate

Cryptocurrency News: A meeting of the Parliamentary Standing Committee on Finance related to the Ministry of Finance has been held regarding Cryptocurrency. In the meeting chaired by the Chairman of the Standing Committee, Jayant Sinha, most of the members agreed that cryptocurrencies cannot be banned but it needs to be regulated. In the meeting, some members have also expressed concern about the safety of investors’ investments in cryptocurrencies.

Members of the Parliamentary Standing Committee have asked government officials to appear before them and address their concerns about cryptocurrencies. Members want a solid framework to be put in place to regulate cryptocurrencies. According to sources, in the meeting, a member has also expressed surprise about the full page advertisement of cryptocurrency in the newspapers.

First meeting of the Standing Committee on Cryptofinance

This is the first time that the Standing Committee attached to the Ministry of Finance has met to formally discuss the stakeholders of the cryptocurrency industry. In the meeting, the possibilities and challenges in cryptofinance (CryptoFinance: Opportunities and Challenges) were discussed. The meeting was attended by stakeholders from crypto exchanges, members of the Blockchain and Crypto Assets Council (BACC).

PM Modi held a big meeting on Saturday

Earlier on Saturday, November 13, Prime Minister Narendra Modi chaired a major meeting to decide the future stand of the government on the issue amid concerns over misleading claims of huge returns on investment in cryptocurrencies. The meeting raised concerns over over-promising & non-transparent advertising misleading the youth and decided to crack down on these advertisements.

Will not be allowed to become a means of money laundering and terror financing

According to government sources, it was also decided in the meeting convened by PM Modi that unregulated crypto markets should not become avenues for money laundering and terror financing. will be given. This meeting regarding cryptocurrencies was very comprehensive, in which every aspect was discussed. RBI, Ministry of Finance, Ministry of Home Affairs have discussed this in the past with experts from across the country and the world regarding cryptocurrencies. Cryptocurrency examples and best practices around the world are also updated. After which the Prime Minister himself had called this meeting.

Discussion with experts stakeholders will continue

The government is aware of the fact that cryptocurrency is an evolving technology so the government will keep a close watch on it and take proactive steps. It was also agreed in the meeting that the steps taken by the government in this area would be progressive and visionary. The government will continue to actively engage with experts and other stakeholders. Since this issue is related to individual countries’ borders (cuts across individual countries’ borders), it was felt that global partnerships and collective strategies would also be discussed for this.

RBI Governor has also expressed concern

Earlier, the Reserve Bank of India has also repeatedly reiterated its firm opinion against cryptocurrencies. RBI Governor Shaktikanta Das had said only last week that this could pose a serious threat to the country’s macroeconomic and financial stability.

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