‘Cryptocurrency cannot be stopped but must be regulated’, concludes Parliamentary Standing Committee

Published on Nov 15, 2021 07:24 PM IST

None of the stakeholders could decide on a regulator for the burgeoning crypto industry, in spite of agreeing that a regulatory mechanism was necessary.

Digital currencies or cryptocurrencies have been creating ripples all over the world(HT_PRINT)
Digital currencies or cryptocurrencies have been creating ripples all over the world(HT_PRINT)
Written by Ayshee Bhaduri | Edited by Avik Roy, Hindustan Times, New Delhi

At the meeting on crypto convened by the Parliamentary Standing Committee on Finance, the various stakeholders reportedly came to the conclusion that “cryptocurrency cannot be stopped” but it has to be “regulated”, government sources told reporters on Monday.

This is the first such meeting called by the Standing Committee, and it saw the participation of representatives of crypto exchanges, block chain and Crypto Assets Council (BACC), among others. However, none of the stakeholders could decide on a regulator for the burgeoning crypto industry, in spite of agreeing that a regulatory mechanism was necessary.

“There was a consensus that a regulatory mechanism should be put in place to regulate cryptocurrency. Industry associations and stakeholders were not clear as to who should be the regulator,” the source told news agency ANI.

The panel, headed by Jayant Sinha, also discussed the importance of ensuring “security of investors’ money”, one member also expressed concern over the publication of full-page ads on cryptocurrencies that appear in national dailies.

Sinha had said that the committee called “stakeholders from across the industry including operators of major exchanges, members of CII as well as academics from the Indian Institute of Management (IIM) Ahmedabad, who have done a very thorough study on the crypto finance.”

The experts and academics from the Indian Institute of Management, Ahmedabad in the panel are reported to have “said that cryptocurrencies are some sort of investors' democracy”, sources said.

Digital currencies have been creating ripples all over the world and the apex court of India had nullified a Reserve Bank of India circular banning cryptocurrencies.

For their next step, the committee wants government officials to appear before it and address their remaining concerns.

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