Cryptocurrency Can’t Be Stopped But Must Be Regulated: Parliamentary Committee

New Delhi: The Indian government is concerned about the growing cryptocurrency market.

Two days after Prime Minister Narendra Modi chaired a meeting on cryptocurrency and related financial issues with experts, the Parliamentary Standing Committee on Finance met various stakeholders on Monday.

Media reports quoted government sources as saying that they felt “cryptocurrency cannot be stopped” but it has to be “regulated”.

It was the first meeting on cryptocurrency called by the Standing Committee, headed by Jayant Sinha. Stakeholders from across the industry — representatives of crypto exchanges, block chain and Crypto Assets Council (BACC), members of CII, academics from IIM Ahmedabad, who have done a very thorough study on the crypto finance — attended the deliberations.

Also Read: Cryptocurrencies A Serious Concern, Says RBI Governor

“There was a consensus that a regulatory mechanism should be put in place to regulate cryptocurrency. Industry associations and stakeholders were not clear as to who should be the regulator,” ANI quoted a source as saying.

The panel discussed importance of the security of investors’ money, while the issue of full-page advertisements on cryptocurrencies in national dailies also came up.

As the next step, the panel wants government officials to appear before it and address their concerns.

Also Read: World Cryptocurrency Market Worth $3 Trillion Now!