The meeting is slated to begin at 3pm on November 15 in New Delhi
Government officials have invited key cryptocurrency stakeholders to a meeting. Several crypto-based companies including CoinSwitch Kuber, CoinDCX, WazirX and Crypto Assets Council (BACC) will be part of the meeting, among others. the conference scheduled for November 15th. The Lok Sabha Secretariat has published an official notice informing interested parties about this meeting.
“Hearing of opinions from associations / industry experts on the subject of ‘CryptoFinance: Opportunities and Challenges’” was included as the agenda of this meeting in the official announcement .
Big politicians and industry are expected to discuss in depth the impact cryptocurrencies can have on the Indian currency and the wider economy, according to reports.
Complex history with crypto in India
In 2018, the Reserve Bank of India imposed a ban on banks involved in crypto businesses.
Later in 2020, the Supreme Court overturned the clause.
The Federal Ministry of Finance of India is working on ways to structure the crypto space and has formed a new committee to find out whether the income from trading in cryptocurrencies could be taxed.
Meanwhile, India’s Finance Minister Nirmala Sitharaman is overseeing the draft cryptocurrency bill that will be presented to parliament later this year.
The Reserve Bank of India (RBI) is also working to bring its official digital currency to market as regulated “Central Bank Digital Currency (CBDC)” by the end of 2021.
While the status of cryptocurrency is a legal gray area, adoption remains high in the country. India is currently one of the countries in the world, along with Vietnam and Pakistan, that are the fastest adopting cryptocurrencies.
According to a study by Chainalysis, India ranks second in the Global Crypto Adoption Index.
