New Delhi, Nov 15, : , Two days after Prime Minister NarendraModi presided over a high-level review meeting on crypto currency, Monday’s Parliamentary Standing Committee on Finance discussed the matter with industry experts, heads of associations, and other stakeholders. After listening to the stakeholders’ views, the majority of the members were of the opinion that the advent of digital currency is inevitable but it cannot go ahead without regulation, sources said.
The majority of stakeholders listened to the views of the members.However, they believed that digital currency was inevitable, but could not proceed without regulation.Sources said.
The Parliamentary panel, headed by former Union Minister and BJP MP Jayant Sinha met to discuss ‘Hearing of views of Associations/Industry experts on the subject ‘Crypto Finance: Opportunities and Challenges.’
Over the last few years, even as scores of private establishments have offered it as an attractive investment option, hundreds and thousands of Indians have invested in the highly volatile crypto currencies, a market which is not yet regulated.Many private institutions have made it an attractive investment option over the years.
However, thousands and hundreds of Indians have invested heavily in volatile crypto currencies.This market is still not regulated.
Newspaper advertisements and enticing audio-visuals on television and OTT platforms are constantly streamed to capture newer markets.To capture new markets, newspaper advertisements and enticing audiovisuals on TV and OTT platforms are continuously streamed.
This has put common investors’ money at high risk.Common investors’ money is now at risk.
This is the first such meeting on the subject.This is the first such meeting.
The discussion led to a consensus that there is a need to have a regulator and there is a need of a regulatory mechanism for the same.After much discussion, it was agreed that a regulator is needed and that a regulatory mechanism is required.
However, as this is an emerging field, there was no clarity as to who or which department should be regulating it, sources said.Sources said that this emerging field was not clear on who or what department should regulate it.
“The government representatives have been asked to appear before the panel and address the concerns raised by the Parliamentary panel,” the sources said.Sources said that the government representatives were asked to appear before panel and address concerns raised by Parliamentary panel.
On Saturday, when the Prime Minister chaired a high level meeting on the subject, two top concerns flagged over-promising and lack of transparency as this can lead to terror financing through money laundering.Two top concerns were raised at Saturday’s high-level meeting.The Prime Minister presided over the discussion.
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