First meeting on crypto ends with suggestion on regulation instead of ban: India

A first meeting in the parliament of India is over with the discussion of the regulation of the industry instead of ban. And also they discussed how to prohibit foreign crypto exchange transactions. 

In the past few years, the heads of the Indian crypto exchanges did huge communication regarding the matter of crypto regulation at a high level. After a long-term struggle, finally, the first official Indian parliament meeting happened on 15 November. 

The whole matter of the discussion is not publicly available but still, some sources revealed that the first meeting ended up with regulation instead of ban. 

“There was overall consensus among members of parliament that there should be regulation instead of banning it. Now there are two ways of looking at it. Either 90% of it is banned and 10% is allowed or vice versa. That’s the trade-off discussion that has been pending. And for that, we have to go point-by-point,“ the financial express reported.

In the meeting, the representatives of WazirX, CoinDCX, and CoinSwitch Kuber were present. And also Blockchain and Crypto Assets Council (BACC) members attended the meeting with financial bodies. 

The whole meeting reached the discussion on regulation but they didn’t talk about the body that will regulate the crypto market. 

The discussion in the meeting touched on the main concerns related to crypto transactions via foreign crypto exchanges and how to ensure the protection of the investors by prohibiting unfair advertisement.

Last week, Shaktikanta Das, governor at the central bank of India (RBI), stated that there are many serious concerns associated with crypto like ‘macroeconomic and financial stability’. And RBI provided a detailed analysis on these things to the government and now they are active in this matter.

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