There are some grave concerns surrounding cryptocurrencies in Asian countries. The most powerful economy in Asia, China, has already decided to ban the industry and replace it with a CBDC in its place. On the other hand, there are other countries like India that have attracted the attention of cryptocurrency exchange platforms and blockchain developers from around the world.
Up until the start of the current year, the government of India gave signs that indicated the increasing possibility of imposing a ban on cryptocurrencies entirely. However, now the state has taken some steps to make concessions in this regard and has arranged a dialogue with the digital market stakeholders in the region. During the meeting, the Speaker of the Parliament concluded that a crypto regulatory bill would be chartered before the budget season started.
The latest official meeting arranged by the Parliament members invited the exchange platform representatives operating in the region to share their points of view. According to the media outlets and market analysts, the Indian officials have realized that it is not possible to stop the flow of crypto trading, and therefore it is best to regulate them while they have some time.
The meeting that took place on November 13th promised the cryptocurrency enthusiasts in the region a Cryptocurrency Bill that is likely to be presented by the parliament during the winter session. During the meeting, Prime Minister Modi also reviewed the matter. The majority of the government officials made a case for digital assets posing a threat to the economic development and monetary system of the country.
A panel was set up at the Indian Parliament, on Monday for a dialogue on the matter. The meeting was attended by the association for cryptocurrency trading and headed by the former finance minister, Jayant Sinha. Other notable government representatives from the Ministry of Finance, Ministry of Home, and RBI were also present. The tech industry specialist from organizations like CII (Confederation of Indian Industry) and IIM (Indian Institute of Management) send their experts as well.
The meeting concluded with a consensus that there are many risks involved with the new and developing industry. RBI officials debated that cryptocurrency exchanges are using marketing techniques to manipulate people into the quick money-making trap. The RBI also purported that these companies have falsified their client data that has been submitted to the government agencies to inflate their presence.