Indian Parliamentary Panel Considers Crypto Regulation Proposals
A parliamentary panel in India may recommend to the government how to monitor cryptocurrency transactions and what to do legally with such digital assets.
The Parliamentary Standing Committee on Finance, headed by BJP MP Bhartruhari Mahtab, has examined various aspects of Virtual Digital Assets (VDAs), a legal term for cryptocurrencies and non-fungible tokens (NFTs), for over a year and held more than half a dozen meetings.
The panel is currently preparing its report for submission to the Speaker of the Lok Sabha. There is a possibility that the committee may recommend to the government action for monitoring of cryptocurrency transactions and wider consultations on what to do legally with all such digital assets.
India does not recognise crypto as an asset, and has issued no direction to regulate them in the country. The panel is also likely to suggest that the government bring in the latest technology for stricter monitoring of all digital assets.