Govt's crypto stand is measurable and absolutely legal: Jayant Sinha

Member of Parliament and the current Chairperson for Standing Committee on Finance, Jayant Sinha, while speaking at Business Today's Crypto Conclave today, said that the government's approach towards crypto is measured and is absolutely legal. Sinha also highlighted that globally the crypto picture is evolving at a rapid pace.

In the panel along with Jayant Sinha were other legislators, such as Priyanka Chaturvedi from Shiv Sena, Pinaki Misra from BJD, and Rajeev Gowda, a former MP from Congress.

All the panelists threw light on some crucial themes pertaining to the crypto industry.

Talking about India's policy stance, Shiv Sena's Priyanka Chaturvedi, said, "India is missing on the economy benefits of the crypto industry due to govt's cautious approach."

She also added that the government has imposed taxation and brought taxation regime without disclosing its legal status.

Most legislators on the panel said in unison that the government's overcautious approach is leading to a flight of talent. "We are seeing a lot of crypto exchanges moving out of India, this should be a cause of concern for the government," Chaturvedi said.

Concurring with Chaturvedi, Rajeev Gowda also added that the government has added a lot of confusion and he cautioned the government that this could lead to talent and institutional flight. Gowda went ahead and said that the government needs urgently a much nuanced position but, instead, it is seen talking at cross purposes.

Pinaki Misra, an MP from Biju Janta Dal ,said that banning crypto now will be counterproductive and could be similar to banning the Internet. Misra said that the government sees crypto trading as a 'sinful activity', clubbing it with gambling and alcohol.

Suggesting the way forward, Misra said that we have to take the best practices of all other countries and there is no denying fact that regulation is the need of the hour.

Misra also suggested that the government should make a task force to decide on the future of crypto.  At last, Misra focused on the importance of industry participation in deciding the future.

He said, "Industry leaders should provide a guiding light for regulation of crypto industry and also help in creating a framework for the same."

Gowda, highlighting the way forward, also argued that government needs to be swifter and more consultative in it's approach.

He also added that we are far behind US, EU and the approach is too measured, and too slow.

"We need change in attitude. They should see it as an opportunity and not as threat, and hence bring transparency," he highlighted.