Parliamentary Panel Prepares Report on Regulating Cryptocurrencies in India
A parliamentary panel in India is preparing a report on the regulation of cryptocurrencies, which may recommend the government take action to monitor transactions and establish clear laws for digital assets.
The Parliamentary Standing Committee on Finance, led by BJP MP Bhartruhari Mahtab, has been examining the Virtual Digital Assets (VDAs) for over a year and has held more than half a dozen meetings.
The committee is likely to suggest that the government use advanced technology to monitor cryptocurrency transactions and may recommend wider consultations on the regulation of digital assets.
The government has previously stated that cryptocurrency transactions are unregulated and can be highly risky, with no regulatory recourse for losses.
The Ministry of Finance has also informed Parliament that international collaboration is necessary to prevent regulatory arbitrage and that any legislation for regulating or banning virtual digital assets can only be effective with international cooperation.