Indian Lawmakers Agree On The Need To Regulate Cryptocurrency

The Standing Finance Committee of the Indian Parliament recently came to the conclusion at a meeting that the authorities cannot completely stop the growth of cryptocurrencies in India. Instead, lawmakers agreed on the need for cryptocurrency regulation. The session was held on November 15 and was titled "Crypto Economy: Opportunities and Challenges".

During the meeting, Indian MPs spoke for the first time with representatives of major crypto exchanges, as well as the Blockchain and Crypto Assets Council (BACC) and other industry insiders. During the meeting, Indian Prime Minister Narendra MODI announced a reversal of the cabinet's previously negative stance on digital assets. Instead, the government has promised to prepare progressive and "forward-looking" steps to regulate cryptocurrency.

Earlier, the industry asked Indian authorities to treat cryptocurrencies as a special asset class that would be subject to income tax as well as goods and services tax in the country. The recent evolution of stance on cryptocurrencies suggests a possible form of cryptocurrency legislation that could come into force in the winter. The meeting is scheduled for November 29.

Image: Coin News