India: Impossible to stop Crypto, but Must be Regulated

Crypto can’t be stopped, but must be regulated, was the topic of the first parliamentary panel discussing the issues around crypto finance. Lawmakers concluded that it was impossible for the authorities to stop the growth of crypto in the country. Crypto is discussed all over the internet and is hard to avoid, especially in India. The lawmakers concluded that crypto can’t be stopped, but must be regulated.

The Indian standing committee on finance met with the representatives of crypto exchanges, industry bodies, Blockchain and Crypto Assets Council (BACC), and other shareholders, to talk about issues regarding the promotion and regulation of Cryptocurrencies in India. The participants of the meeting for a large part agreed that Crypto can not just be banned. They also agreed that it has to be regulated, though it is not clear yet who is going to regulate it.

One of the most important topics in the meeting was the concern about the security of the investor’s money. A member of the parliament who participated in the meeting expressed his worries about the crypto advertisements. He said that there are pages full of advertisements about cryptocurrencies in national newspapers. The meeting is seen as important, because it happened just days after the prime minister of India had an important meeting with officials from different ministries and RBI on the concerns regarding Cryptocurrencies.

Government sources have made clear that they will take ‘’forward looking’’ and ‘’progressive’’ steps regarding crypto regulation. The Indian ministry of India has held a number of meetings with stakeholders to talk about concerns regarding cryptocurrency regulations. The authorities are not the only one that has concerns regarding the regulations of cryptocurrencies. The reserve bank of India and the Indian exchange board also have their concerns about the unregulated growth of cryptocurrencies.