Govt Won’t Ban Cryptocurrencies, instead needs Regulation
Concerned about the safety of investors’ money in cryptocurrencies investment and transactions, the government said on November 15 that it may not outright ban the digital currency, but that it may introduce regulations soon. According to a source close to the situation, government officials indicated at a meeting with cryptocurrency stakeholders that “crypto cannot be halted, but it must be regulated.”
The Bharatiya Janata Party (BJP) MP and former Union minister Jayant Sinha presided over a discussion between members of the Parliamentary Standing Committee on Finance and cryptocurrency sector representatives on the topic of “CryptoFinance:
Opportunities and Challenges.” “We have summoned stakeholders from across the industry, including operators of key exchanges, members of CII, and academics from the Indian Institute of Management (IIM) Ahmedabad, who have done a very detailed study on crypto finance,” Sinha told PTI ahead of the meeting.
The bitcoin industry has reacted favourably to the regulatory issue. “This is critical not only for the security of consumers, but also for the overall growth of the sector.” While the regulations are still being developed, it is the obligation of all stakeholders to operate with caution. According to Kumar Gaurav, founder and CEO of Cashaa, a cryptocurrency platform, “it is better if tight standards and security infrastructure are embraced by all platforms” in terms of money laundering and terror financing.
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