A bill regarding cryptocurrency regulations has been circulating in the Indian parliament since the start of the current year. The bill was seeking to impose strict cryptocurrency regulations in the region and, if implemented, could implement a complete ban on crypto trading and mining operations. However, after the recent official meeting called by parliament the danger of an exodus has been prevented.
As reported by local media outlets, the parliament of India called for an official meeting on the matter of cryptocurrency trading-related legislation. The government was swaying in favor of imposing a blanket ban on cryptocurrencies, but the decision was postponed. Later on, the government officials decided to take the middle ground to protect the interests of digital investors in the country.
Official Meeting on Crypto
The official meeting summoned by the parliament members was attended by key cryptocurrency stakeholders like executives from WazirX, CoinSwitch Kuber, and CoinDCX. The representatives from the Blockchain and Crypto Assets Council or BACC also made an appearance at the meeting. The conference was chaired by Jayant Sinha, who is currently serving as MP of the BJP party.
Commenting on the meeting, Sinha told the media that the government had taken the option of a complete ban on cryptocurrency trading off the table. He also added that proper crypto-related legislation is going to be formulated before the beginning of the budgetary season or the end of the winter session. According to experts, the new crypto-related stance of the Indian government can open up new opportunities and investment options for the region.
The biggest center of technology and economic development in Asia is China. However, the ruling party in China, i.e., Communist Party, has recently decided to crack down on crypto-related activity in the region. Therefore, the baton of digital asset and blockchain technology development in Asia has been passed down to India. According to consensus, there are around 20-30 million potential crypto traders in the country.
Some surveys predict that at present, there are around 100 million crypto traders in India, which is almost as much as the USA. Another positive sign for the crypto industry is that CoinDCX, a Mumbai-based crypto exchange startup was able to acquire Unicorn status after successfully raising $1.1 billion during the Series C funding event organized by B-Capital.