Government Invites Crypto Players to Discuss Impacts of Crypto Expansion

Government officials have invited top crypto stakeholders for a meeting. Several crypto-based companies including CoinSwitch Kuber, CoinDCX, WazirX, and Crypto Assets Council (BACC) among others will be part of the meeting. The Parliamentary Standing Committee on Finance will be serving as host for the conference that is slated to be held on November 15. An official notice informing concerned parties about this meeting has been released by the Lok Sabha Secretariat.

“Hearing of views of Associations/ Industry experts on the subject ‘CryptoFinance: Opportunities and Challenges’,” has been listed as the agenda of this meeting on the official notice .pdf.

The political and industry biggies are expected to discuss at length, the kind of impact that cryptocurrencies can have on the Indian currency and overall economy, according to reports.

Complex history with crypto in India

Back in 2018, the Reserve Bank of India had imposed a ban on banks dealing with crypto businesses. 

Later in 2020, the Supreme Court revoked the clause.

India’s federal finance ministry has been working on ways to structure the crypto-space and has formed a new committee to find out if income made by cryptocurrency trading could be taxed.

Meanwhile, Indian finance minister Nirmala Sitharaman has been overseeing the draft formulation of the cryptocurrency bill which will be presented before the parliament later this year.

The Reserve Bank of India (RBI) is also working on launching its official digital currency as a regulated “central bank digital currency (CBDC)” by the end of 2021.

While the status of cryptocurrency is a legal grey area, adoption remains high in the country. For now, India is among the fastest crypto-adopting countries in the world along with Vietnam and Pakistan.

As per a Chainalysis study, India ranks second on the Global Crypto Adoption Index. 

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