New Delhi: While sugging that the prohibition may not help, industrial representatives on Monday told a parliamentary standing committee which must be regulated by Cryptocurrency because they cannot be stopped, amid concerns over the security and protection of investors by several panel members.
The standing parliamentary committee on finance led by MP BJP Jayant Sinha met with representatives from the Cryptocurrency sector and other experts to get their views on this issue.
Experts from the Indian Management Institute are also consulted and industrial associations.
Industry, as well as several experts, are studied to request regulatory mechanisms that will be applied and highlight the benefits of future technology and sectors.
This is the first meeting of the panel and government officials is expected to be called for the next consultation round, which has attracted attention, given the sudden interest in the latest financial instruments where several companies promised astronomical returns.
The panel does not express any view of important problems and can hold more consultations.
Sources say some members raise concerns about the high return issues promised by Crypto assets and need to protect investors, while others raise security issues.
The panel meeting came shortly after a high-level meeting organized by Prime Minister Narendra Modi on Saturday held a comprehensive review of Cryptocurrency and the way forward.
The government is looking at “advanced and progressive appearances” Cryptocurrency regulations and government sources have explained that markets that are not regulated for digital currencies cannot be allowed to be a way for money laundering and terror financing.
During the meeting there was a strong view that efforts to mislead youth through non-transparent advertisements, promised too high, need to be stopped.
This center is completing the law on this issue and there is hope that the government can immediately package bills, something that has been planned during the budget session to “ban all personal cryptocurrency in India”.
The RBI has delivered his decision to find a ban on such instruments and has declared serious concern for the proliferation of the instrument.
While confirming that Blockchain technology must be encouraged, the central bank has questioned the purpose of cryptocurrency to be labeled as a currency.
It is said that currencies are sovereign rights and cannot be assigned to individual entities.
The problem of this legal instrument has not yet been resolved.
The recent Governor of RBI Shaktikanta Das said that Cryptocurrency was a serious concern for the central bank from the macroeconomic perspective and financial stability.
Crypto Reps said forbidding it could not help, call for regulations
