Cryptocurrency

Government of India in action mode for crypto regulation, will have a meeting with industry experts

Several crypto-based companies including CoinSwitch Kuber, CoinDCX, WazirX, and the Crypto Assets Council (BACC) will be part of the meeting.

The Government of India has been considering cryptocurrency regulation for a long time. Government officials have called top crypto stakeholders for a meeting. Several crypto-based companies including CoinSwitch Kuber, CoinDCX, WazirX, and the Crypto Assets Council (BACC) will be part of the meeting. The Parliamentary Standing Committee on Finance will host the conference, which is to be held on November 15. An official notice informing the parties concerned about this conference has been issued by the Lok Sabha Secretariat.

On the official notice, the agenda of this meeting reads- “Hearing the views of Association/Industry Experts on the topic ‘CryptoFinance: Opportunities and Challenges'”. Report According to the report, it is expected from the meeting that political and industry stalwarts can discuss in detail about the impact of cryptocurrencies on the Indian currency and the entire economy.

The Tangled History of Cryptocurrencies in India

In 2018, the Reserve Bank of India banned banks dealing with crypto business. Later in 2020, the Supreme Court quashed it. India’s federal finance ministry is working on ways to structure the crypto-space and a new committee has been set up to explore whether income from cryptocurrency trading can be taxed. Meanwhile, Indian Finance Minister Nirmala Sitharaman is overseeing the draft preparation for cryptocurrencies. The bill will be introduced in Parliament later this year.

The Reserve Bank of India (RBI) is also working on launching its official digital currency as a regulated “Central Bank Digital Currency (CBDC)” by the end of 2021.

Even though cryptocurrency is currently surrounded by legal complications in India, yet its adoption rate in India is quite high. India is currently one of the fastest crypto adopters in the world along with Vietnam and Pakistan. According to a study by Chainalysis, India ranks second in the Global Crypto Adoption Index.

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