Representatives from crypto exchanges, Blockchain and Crypto Assets Council (BACC), industry bodies and other stakeholders will make their submissions on crypto finance on Monday before a parliamentary panel headed by BJP leader Jayant Sinha. Cryptocurrency in India can be approved with conditions and rules. The Reserve Bank of India (RBI) had a meeting with the leading traders of cryptocurrencies on November 2. On November 2, RBI meeting was attended by three exchange executives from crypto broker Crypto, senior RBI officials and India Tech executives.
Crypto may apply with some rules
Since the meeting, there are speculations that now crypto can be approved in India with certain terms and conditions. About 20 million investors in India are estimated to hold crypto coins worth $ 4-5 billion. Let us tell you that crypto is completely banned in China. People associated with this say that crypto currency should be bought only from the exchanges which are in India. The industry wants crypto to be classified as a current asset and not as a currency. So that it can be easily converted into cash.
Also read: Cryptocurrency is growing rapidly in India, PM Modi will meet
who will regulate
The biggest question is who will regulate crypto. If it is approved then it is necessary to have a regulator to prevent rigging. Like IRDAI for insurance, SEBI for mutual funds and stock market and Reserve Bank for banking and other payments. Similarly, it is necessary to have a regulator. However, there is no information on who he will be. Significantly, two days ago, the government took action on the crypto exchange. PM Modi has asked for strict action against these crypto exchanges which have become the means of terror funding for terrorists and money laundering for black money hoarders.
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