Crypto Regulation Comes Into Debate before a Committee of Indian Upper House

Currently in India, the Senate Standing Committee on Finance has been considering the proposal containing “Indian crypto regulation”. In an attempt to further the objective, the Parliamentary Committee on Finance has convened a meeting in which along with the Indian lawmakers, people from the Indian crypto industry too were present. The meeting concluded in a very positive atmosphere where the participants debated the Indian crypto regulation proposal and submitted their recommendations.

The task of considering the aspects of the Indian crypto regulation has been assigned to the Senate Standing Committee on Finance. In order to initiate the process of debating the crypto regulation proposal, the Parliamentary Committee on Finance has convened the first meeting. In this meeting, the participants included members from the Indian crypto industry as well. Before this meeting, there has never been any such discussion that took place on the subject in India.

Prior to the meeting, an official notice was placed at the Indian Upper House’s notice board for the members of the Committee on Finance. The working papers for the meeting and discussion too were circulated amongst the members of the Committee. In the meeting, the Committee voluntarily invited experts from the Indian crypto industry, which included personnel from crypto exchanges and blockchain associations. The aim of the meeting was to host a discussion and consultation regarding crypto trading in the country. Senator Jayant Sinha was nominated as the Chairperson of the Parliamentary Committee on crypto regulations.

Sinha had also issued a public statement prior to the meeting. In this statement, Sinha had suggested that a meeting of all concerned stakeholders have been called for. Invitations have been officially sent to the members of the Indian crypto community who are officials of major crypto exchanges of the country. In addition, the blockchain association of India i.e. CII to has been invited to attend the meeting and offer its recommendations, said Senator Sinha.

When the meeting started, the participants were told that the Government requires them to submit their proposal with regard to crypto trading. Especially, the Government wants the participants to suggest a way forward for the Government to deal with digital currencies. However, it was clarified beforehand that the Government intends to encourage crypto trading and would like to introduce crypto finance as well.

At the end of the meeting, it was told Sinha that the meeting was fruitful. Each participant endorsed that India should let the Indian crypto market grow. There is no point in banning crypto, however, the Government must lay down a regulatory framework for digital currencies. Every participant in the meeting consented that India is in need of crypto regulations. However, with regard to the question as to who will be the ultimate authority regulating crypto, the majority of participants were not sure about it. This very point will come into discussion in the next meeting of the Committee on crypto.

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