Parliamentary panel reviews crypto finance, members pitch for regulation
A parliamentary panel, chaired by BJP leader Jayant Sinha, on Monday, discussed the pros and cons of crypto finance with various stakeholders, and several members were in favour of regulating cryptocurrency exchanges rather than imposing an outright ban, according to sources
By : migrator
Update: 2021-11-15 20:39 GMT
New Delhi
The meeting took place against the backdrop of rising concerns in various quarters about cryptocurrencies and the possible risks emanating from trading in them, especially since there is a growing interest in such assets worldwide.
Currently, there are neither specific regulations nor an outright ban on use of cryptocurrencies in the country.
Representatives of crypto exchanges, Blockchain and Crypto Assets Council (BACC), industry bodies, academicians and other stakeholders submitted their views before the panel, whose meeting also happened days after Prime Minister Narendra Modi held discussions with senior officials from various ministries and RBI on the issue of cryptocurrencies.
BROAD VIEW
Chinese wall should be put in place on cryptocurrencies' fungibility in the real world
Interface with the real world should be regulated
Its value is only discovered by a buyer and user on an exchange which itself is illegal
Members express concerns over the possibility of it being used for financing terror activities
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