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Government officials will meet with India’s Crypto enthusiasts to talk crypto

thecoinrise.com 12 November 2021 16:21, UTC
Reading time: ~2 m

Instead of outright banning Bitcoin, the Indian government has a more permissive attitude towards cryptocurrencies. India appears to be going in the regulation approach, unlike China which is hostile towards digital currencies.

In a first, the Indian government has announced that it will hold a “first-ever” meeting with the country’s major cryptocurrency companies. Members of the IAMAI and BACC have been invited to attend.

The Blockchain and Crypto Assets Council (BACC) is one of the most prominent industry groups. IAMAI is a popular name for India’s Internet and Mobile Association. CoinDCX, WazirX, CoinSwitch Kuber, and Unocoin are just a few of the organizations that fall into this category.

Crypto: Opportunities and challenges

The meeting will take place at the Parliament’s Parliamentary Standing Committee on Finance, according to Business Insider India report. On November 15, a round table will be held to hear the views of organizations and industry experts on the subject of “CryptoFinance.” The meeting’s name is “Hearing of the views of associations, industry experts on the topic of ‘CryptoFinance’: Opportunities and challenges.”

The panel conducting the meeting will include government officials and the junior finance minister Jayant Sinha, who will preside over it. The committee will tackle concerns surrounding crypto’s potential presence in India and its influence on the national economy.

With a population of roughly 1.4 billion people, India’s decision to establish a concrete regulatory framework for Bitcoin and altcoins would certainly cause tremors in the crypto world. Since the RBI’s blanket ban on digital currency was reversed in March, the government has taken a largely non-committal approach to regulate it.

Indian government to regulate crypto?

Since then, several news stories have circulated indicating that the Indian parliament is backing down from drafting a new ban on cryptocurrency trading and instead exploring alternative methods to regulate digital assets.

The meeting is anticipated to be the first step toward formal cryptocurrency regulation in India. This will be a considerable distance from the previous government ban on digital currencies, which was put in place after several concerns raised by the RBI about their potential economic impact.

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