Parliamentary panel on Cryptocurrency
On Monday, the Parliamentary Standing Committee on Finance held a meeting with industry associations and experts on the matter 'CryptoFinance: Opportunities and Challenges' and summed up that cryptocurrency cannot be stopped but must be regulated. The most serious concern raised by MPs was the security of investors' money highlighting the full-page cryptocurrency advertisements in national dailies. The govt is planning to regulate cryptocurrency and get it under the Centre's tax structure. PM Modi has also haired a meeting for cryptocurrency and related financial issues with the experts, discussing cryptocurrency's usage of avenues for money laundering and terror financing. Currently, India has two crypto unicorns namely CoinSwitch Kuber and CoinDCX.
Amid a global surge in cryptocurrencies, the Union Finance Ministry has stated that it will take a decision on a state-issued cryptocurrency soon but ban all private cryptocurrencies. In a letter to VHP leader Girish Bharadwaj, dated 10 November, Union Dy Director (Currency) Sanju Yadav affirmed that all private cryptocurrencies are still not considered as legal tender or coin in India, but the govt may introduce an official digital currency in India. The VHP leader had sought a ban on all cryptocurrencies alleging its usage to fund terrorism, drugs and other 'anti national activities
Source : republicworld.com
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