According to various sources, a parliamentary committee on finance is planning a meeting of prominent crypto sector stakeholders on Monday. Participants from prominent crypto exchanges, members of the Blockchain and Crypto Assets Council (BACC), and others are expected to attend the closed-door meeting.
The committee has invited industry stakeholders to a formal debate on the industry for the first time. It also comes just days after Prime Minister Narendra Modi presided over a discussion on the future of cryptocurrencies, which was convened in response to worries over the cryptocurrency's false boasts of big returns on investment.
The administration agreed, according to several news outlets, that "attempts to deceive the youth by over-promising and non-transparent advertising must be halted." "Because the government recognises that this is a developing technology, it will keep a close eye on it and take aggressive measures. There was also agreement that the government's actions in this area would be progressive and forward-looking "On Saturday, the news agency PTI said.
It also stated that the government will continue to consult with experts and other industry players on the matter. Because the problem transcends national borders, the administration believes that global alliances and joint initiatives will be required.
The meeting on Saturday was the result of a consultative process in which the Reserve Bank of India (RBI), the Union Ministry of Finance, and the Ministry of Home Affairs conducted an extensive exercise in which global and Indian experts were consulted and global examples and best practises were studied.
On Wednesday, RBI Governor Shaktikanta Das repeated his opposition to cryptocurrencies, claiming that because they are unregulated by central banks, they pose a severe threat to any financial system.
The RBI circular banning cryptocurrency was declared null and void by the Supreme Court in early March 2020. Following this, the central bank established an internal panel on February 5, 2021 to offer a concept for the central bank's digital currency.
In the wake of the rise of cryptocurrencies such as Bitcoin, which the central bank has expressed worry about, the RBI declared its intention to create an official digital currency.