Crypto Industry Players Likely to Meet Government Officials to Discuss Roadmap

Government officials have invited top crypto stakeholders to the meeting. Several crypto-based companies including CoinSwitch Kuber, CoinDCX, WazirX, and the Crypto Assets Council (BACC) will be part of the meeting. The Parliamentary Standing Committee on Finance will act as the host of the conference to be held on November 15. An official notice informing the parties concerned about this meeting has been issued by the Lok Sabha Secretariat.

Hearing the views of associations/industry experts on the topic “Cryptofinance: Opportunities and Challenges” has been listed as the agenda of this meeting. official notice PDF

Political and industry stalwarts are expected to discuss in detail the impact cryptocurrencies can have on the Indian currency and the overall economy. reports,

The Complicated History With Crypto In India

Back in 2018, reserve Bank of India Banks dealing with crypto businesses were banned.

Later in 2020, the Supreme Court struck down this clause.

India’s federal finance ministry is working on ways to structure the crypto-space and has formed a new Committee To find out whether income made by cryptocurrency trading can be taxed.

Meanwhile, the Indian Finance Minister Nirmala Sitharaman Cryptocurrency is overseeing the creation of a draft bill that will be presented to parliament later this year.

The Reserve Bank of India (RBI) is also working on launching its official digital currency as a regulated “central bank digital currency (CBDC)” by the end of 2021.

While the status of cryptocurrency is a legal gray area, the country has a high adoption rate. For now, India is one of the fastest crypto-adopting countries in the world along with Vietnam and Pakistan.

according to a Chainalysis In the study, India ranks second in the Global Crypto Adoption Index.

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