Business

Indian government is expected to meet the industry players to discuss on crypto.

Players in the cryptocurrency industry are expected to meet with government officials to discuss the roadmap.

On November 15, at 3 p.m. in New Delhi, the meeting will begin.

Top crypto stakeholders have been invited to a meeting by government officials. The gathering will include representatives from CoinSwitch Kuber, CoinDCX, WazirX, and the Crypto Assets Council (BACC), among others. The conference, which will take place on November 15, will be hosted by the Parliamentary Standing Committee on Finance. The Lok Sabha Secretariat has issued an official notice informing interested parties about the meeting.

The topic for this meeting is “Hearing of opinions of Associations/ Industry experts on the subject of ‘CryptoFinance: Opportunities and Challenges,'” according to the official notice.pdf.

According to reports, the political and business elites are likely to debate the potential influence of cryptocurrencies on the Indian rupee and general economy.

India has a complicated history with cryptocurrency.

The Reserve Bank of India issued a prohibition on banks dealing with cryptocurrency firms in 2018.

The Supreme Court then repealed the clause in 2020.

India’s federal finance ministry has formed a new committee to investigate whether bitcoin trading profits can be taxed.

Meanwhile, India’s finance minister, Nirmala Sitharaman, has been in charge of drafting the cryptocurrency bill, which will be presented to parliament later in 2021 itself.

By the end of 2021, the Reserve Bank of India (RBI) plans to create its own digital currency as a regulated “central bank digital currency (CBDC).”

Despite the fact that cryptocurrency’s legal position is ambiguous, adoption remains high in the country. India, along with Vietnam and Pakistan, is currently one of the world’s quickest crypto-adopters.

India is ranked second on the Global Crypto Adoption Index, according to a Chainalysis report. Thus, this is what is the status of cryptocurrencies in India so far.

Leave a Reply

Your email address will not be published.