House panel meets crypto business: Balancing ‘regulation, innovation’ in focus

Amid indications of the federal government planning to introduce a laws on cryptocurrencies within the Winter Session, the Parliamentary Standing Committee on Finance on Monday known as a gathering of key stakeholders to know their views and study find out how to steadiness “regulation and innovation”. The Winter session might be from November 29 to December 23.
“There were lot of issues discussed around cryptocurrencies. Everyone (from industry) gave their views. Now we have to wait for the government. The government is going to bring the Bill to Parliament in this Winter session. Once that Bill is referred to the Standing Committee, then we get an idea what it states, and how the Bill will take care of it,” a member of the parliamentary committee advised The Indian Express.
Industry executives advised the panel that there are a complete of round 15 million energetic subscribers on their exchanges in India, with the excellent worth throughout the exchanges pegged round $6 billion, sources stated.
The cryptocurrency associations and business specialists had been known as by the Committee to listen to them on the topic ‘CryptoFinance: Opportunities and Challenges’. Sources stated the Committee hasn’t shaped any views on the topic but and expects that the federal government would consult with it the proposed laws on this regard.
“It’s not clear at the moment (on how to regulate it)…it’s just some first kind of baby steps of how to come to grips with it, although a little too late because according to the industry they have 15 million subscribers already, which is a very large number. This indicates that the transaction may be running into $2-3 billion and the government is totally unaware of it,” the member stated.
“Endeavouring to regulate cryptocurrency is equivalent to trying to regulate trolls on social media,” stated Congress Lok Sabha MP Manish Tewari, a member of the panel. The committee, it’s learnt, might maintain extra conferences.

The Committee heard varied views from business to know developments round cryptocurrencies, but it surely “did not come to any view on the matter,” Jayant Sinha, BJP MP and Chairperson of the Standing Committee on Finance advised CNBC-TV18.
This is the primary such meet known as by the Standing Committee, the place representatives of crypto exchanges, Blockchain and Crypto Assets Council (BACC), amongst others, participated. WazirX, CoinDCX, PocketBits and Laxmicoin had been amongst contributors. India has been a pacesetter in fintech regulation, and within the cryptocurrency phase there’s a have to steadiness “innovation and regulation”, he stated, including it’s his private view.
Many of the committee members, it’s learnt, additionally felt that cryptocurrency can’t be banned. They, too, favoured regulating cryptocurrency exchanges. Some nevertheless, felt regulating the cryptocurrency business is simpler stated than finished. Sources stated the Committee members had been significantly involved about making certain safety of individuals’s cash, and one member additionally expressed concern over the publication of full-page adverts on cryptocurrencies showing to lure hypothesis on this phase.
The Parliamentary panel’s assembly got here two days after Prime Minister Narendra Modi on Saturday chaired a gathering on the way in which ahead for managing the cryptocurrency sector the place a consensus emerged on the federal government needing to take “progressive and forward-looking” steps whereas making certain that an unregulated crypto market doesn’t result in “money laundering and terror financing”, sources stated. Some panel members are learnt to have cautioned stakeholders that cryptocurrencies shouldn’t go the way in which of ponzi schemes.