Indian Parliamentary Panel May Recommend Government Action on Cryptocurrency Monitoring

A parliamentary panel in India has been examining the implications of cryptocurrencies and non-fungible tokens (NFTs) for over a year.

The Parliamentary Standing Committee on Finance, headed by BJP MP Bhartruhari Mahtab, has held more than half a dozen meetings to discuss Virtual Digital Assets (VDAs), a legal term for cryptocurrencies and NFTs.

The committee is currently preparing its report for submission to the Speaker of the Lok Sabha, and a source aware of the matter suggests that it may recommend government action on monitoring cryptocurrency transactions and wider consultations on the legal status of digital assets.

The panel may also suggest that the government bring in the latest technology for stricter monitoring of all digital assets, as India does not currently recognize cryptocurrencies as an asset and has issued no direction to regulate them.