Government officials invite senior stakeholders to crypto meetings. A number of crypto-based companies including CoinSwitch Kuber, CoinDCX, WazirX and the Crypto Assets Council (BACC) will attend the meeting.
The Parliamentary Standing Committee on Finance will host the conference on 15 November. The Lok Sabha Secretariat has informed stakeholders about this meeting in a formal communication.
“Let’s hear the opinion of industry associations/experts on”Crypto Finance: Opportunities and Challenges”, said the agenda of the meeting in the official statement.pdf.
Big players in politics and industry are expected to discuss in depth how cryptocurrencies can affect the Indian currency and the economy as a whole.
The complicated story of cryptocurrencies in India
In 2018, the Reserve Bank of India banned banks associated with crypto businesses.
Then in 2020, the Supreme Court overturned this clause.
India’s Federal Ministry of Finance is working on ways to create a crypto space and has formed a new committee to see if revenue from cryptocurrency trading is taxable.
Meanwhile, Indian Finance Minister Nirmala Sitaraman is overseeing a bill on cryptocurrencies that will be presented to parliament later this year.
The Reserve Bank of India (RBI) is also seeking to release its official digital currency as a controlled “Central Digital Bank (CBDC)” by the end of 2021.
While the status of cryptocurrencies is a legal gray area, the adoption rate in the country is high. India is currently one of the fastest growing countries for the introduction of cryptocurrencies worldwide, alongside Vietnam and Pakistan.
According to channel analysis studies, India ranks second in the global cryptocurrency acceptance index.