Crypto can't be stopped, but must be regulated-Finance panel

The Parliamentary Standing Committee on Finance has  reportedly came to the conclusion that “cryptocurrency cannot be stopped” but it has to be “regulated. The Members of Parliament on Monday said that this is almost like the Ponzi scheme which got strong legal regulations later, adding that El Salvador is the only country to legalise crypto so far. This is the first such meeting called by the Standing Committee, and it saw the participation of representatives of crypto exchanges, block chain and Crypto Assets Council (BACC), among others. However, none of the stakeholders could decide on a regulator for the burgeoning crypto industry, in spite of agreeing that a regulatory mechanism was necessary.

The panel, headed by Jayant Sinha, also discussed the importance of ensuring “security of investors’ money”, one member also expressed concern over the publication of full-page ads on cryptocurrencies that appear in national dailies. Stakeholders from across the industry including operators of major exchanges, members of CII as well as academics from the Indian Institute of Management (IIM) Ahmedabad, who have done a very thorough study on the crypto finance, were present in the meeting. Digital currencies have been creating ripples all over the world and the apex court of India had nullified a Reserve Bank of India circular banning cryptocurrencies.For their next step, the committee wants government officials to appear before it and address their remaining concerns.