The winter session of Parliament starting on November 29 is expected to take up the draft bill on regulating cryptocurrency
Within days of Prime Minister Narendra Modi chairing a meeting on the future of cryptocurrency, a parliamentary panel on Monday favored regulation rather than imposing an outright ban. The winter session of Parliament starting on November 29 is expected to take up the draft bill on regulating cryptocurrency.
This is the first meeting on the subject that was convened by the Parliamentary Standing Committee on Finance.
The Parliamentary Standing Committee meeting chaired by BJP leader and former minister of state for finance Jayant Sinha on Monday discussed the pros and cons of crypto finance with several stakeholders. Sources in the know said many members said the cryptocurrency exchanges should be regulated and that an outright ban would not be the right approach.
The committee had also discussed issues related to crypto finance with associations and industry experts.
Sources aware of the discussions of the committee said the meeting was a positive first step towards understanding cryptocurrencies, and a majority of the members were in favor of putting in regulations instead of implementing a ban.
The meeting took place against the backdrop of rising concerns in various quarters about cryptocurrencies and the possible risks emanating from trading in them, especially since there is a growing interest in such assets worldwide. Currently, there are neither specific regulations nor an outright ban on the use of cryptocurrencies in the country.
Last week RBI Governor Shaktikanta Das had said at an event that the central bank was cautious on cryptocurrency. As a central banker, we have serious concerns about it and we have flagged it many times,’’ Das had said. At the PM-led meeting a few days ago, the consensus was that the government must take a forward-looking and progressive step on the matter while putting in firm regulations.
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