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Indian Government Set To Hear Crypto Companies Next Week

Posted on by admin
12
Nov

Many of the biggest crypto-related businesses in India will meet with the government next week to share their views about the industry.

Indian Crypto Companies Set To Meet With Government On Nov 15

As per a report from Business Insider, the leading crypto businesses in India will attend a meeting with the government this coming Monday.

Lok Sabha, the lower house in the Indian parliament, lists the meeting as “Hearing of the views of associations, industry experts on the subject of ‘CryptoFinance’: Opportunities and challenges.”

It will be hosted by the Parliamentary Standing Committee on Finance, marking the first time ever an official such meeting has happened.

Members of the India Internet and Mobile Association (IAMAI) and Blockchain and Crypto Assets Council (BACC) are among the invitees.

BACC has been responsible for putting out self-regulatory guidelines for crypto exchanges that prevent against illegal activities like money laundering.

Some of the prominent members of the organization include exchanges like CoinSwitch Kuber, CoinDCX, and the Binance-owned WazirX.

The Indian government has changed its stance regarding crypto assets multiple times throughout the years, making investors confused about their legality.

Back in 2018, the Reserve Bank of India (RBI) outright banned digital currencies. However, the Supreme Court reversed the decision in 2020, citing that it’s “unconstitutional.”

Related Reading | India’s Payment Giant Paytm May Add Bitcoin If Government Legalizes Crypto

At the start of the year, the government again looked ready to put the hammer down on digital assets, but in the past few months, it has seemed they are looking to arrive at some middle ground with a new crypto law.

However, the regulatory uncertainty around the assets hasn’t stopped adoption from growing in the country. According to a survey, India currently ranks first in number of investors by country list.

The meeting with the major stakeholders in the industry will help the government understand the potential impact cryptocurrencies can have on the Indian economy.

Related Reading | India’s Conflicting Messages On Crypto Renews Fears Of A Ban

A possible crypto law may be announced during the “Budget Session” of the parliament during the February of next year.

Bitcoin Price

At the time of writing, BTC’s price floats around $63.7k, up 3% in the last seven days. Over the past month, the crypto has accumulated 15% in gains.

Here is a chart that shows the trend in the price of Bitcoin over the last five days:

Looks like Bitcoin has plunged down in the last few days | Source: BTCUSD on TradingView

After setting a new all-time high (ATH) around the $69k price mark, the price of the crypto has crashed down. During the initial plunge, the value of the coin went down to as low as $62k before jumping back up a bit.

Featured image from Unsplash.com, charts from TradingView.com
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