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15-11-2021|Asia

First-ever parliamentary meeting on regulations of cryptocurrencies today.

  • Today, representatives from cryptocurrency exchanges like as WazirX, CoinDCX, CoinSwitch Kuber, and others are expected to meet with Lok Sabha members.
  • Representatives from the Blockchain and Crypto Assets Council of the India Internet and Mobile Association (IAMAI) may attend the conference (BACC).
  • The discussion follows Prime Minister Narendra Modi's thorough meeting on the use of cryptocurrencies in India a few days ago.

The sources have indicated that government officials are expected to hold an official meeting today to discuss the role of cryptocurrencies in India, according to reports. The officials will meet with the industry's leading crypto players, including crypto exchanges such as WazirX, CoinDCX, CoinSwitch Kuber, and others.

Update: According to Lok Sabha information, the meeting will begin at 3 p.m. today, November 15. The meeting is chaired by BJP Member of Parliament Jayant Sinha.

The meeting, which was initially hinted at last week, is expected to be India's first official engagement between government officials and cryptocurrency stakeholders. Players in the crypto business had been in informal talks with government officials prior to this, but the Indian government has yet to take a clear stance on the use of cryptocurrencies in the nation.

The Lok Sabha, the lower house of parliament, is expected to host the meeting, according to sources, on the topic - "Hearing from associations and industry experts on the subject of 'CryptoFinance': Opportunities and Challenges."

The Parliamentary Standing Committee on Finance will host the event.

Representatives from the India Internet and Mobile Association (IAMAI) Blockchain and Crypto Assets Council (BACC), which includes the top crypto exchanges in India, would most likely attend the meeting.

For the first time in India, the summit is expected to pave the door for formal recognition of cryptocurrencies. It will come before the cryptocurrency bill, which is rumoured to be in the works and is expected to be presented to the government later this month during Parliament's Winter Session.

The meeting will take place after Prime Minister Narendra Modi's comprehensive meeting on Saturday. The seminar focused on the future of bitcoin and other related topics. The over-promising and lack of transparency related with cryptocurrency were the two key points raised throughout the discussion.

Top sources present at the conference hinted that the government's initial legislation on cryptocurrency could include legal restrictions on deceptive and non-transparent advertising. The uncontrolled crypto market, according to the sources, cannot be allowed to become a conduit for money laundering and terror financing.

Until date, the exchanges have operated under self-regulatory norms, most of which have been established by the BACC board, which also verifies compliance with all industry participants.

The government's participation, accompanied by its own set of regulations, is likely to bring changes to the structure as we know it while bringing a much-needed public acknowledgement of the country's new financial mode.

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