Parliamentary committee invites crypto players to discuss challenges of the industry

The Parliamentary Standing Committee on Finance has invited cryptocurrency players to discuss the opportunities and challenges of the industry. The meeting has been scheduled for November 15.

“Hearing of views of Associations/Industry experts on the subject ‘CryptoFinance: Opportunities and Challenges’,” stated the Lok Sabha Secretariat in the agenda. The meeting will start from 3 pm onwards.

Sources of the panel told BusinessToday.In that participants from CII, exchanges, various associations, experts and other stakeholders have been invited for the discussion. The government will listen to their opinions.

The meeting has been called so that industry players can provide a perspective on what has been happening in the area of cryptofinance. Sources say that all areas of the same will be covered.

This comes after BusinessToday.In reported that a legal framework to regulate and govern the cryptocurrency investment market in India may be announced by next general Budget by February.

The proposed framework is likely to veer away from an earlier approach that had proposed a complete ban on cryptocurrencies. Instead, the government is likely to opt for regulating cryptocurrencies as an “asset” class, somewhat on the lines of commodities, with appropriate taxation of transactions and gains.

Also read: Law to regulate cryptocurrencies likely by Budget