Cryptocurrency Not Ban- ‘Don’t ban virtual currency’; Trends of Members of Parliamentary Committee- Know pros and cons of virtual currency

Cryptocurrency Not Ban- A parliamentary committee headed by former finance minister and BJP leader Jayant Sinha on Monday discussed the pros and cons of virtual currency with various participants. According to sources, most members of the parliamentary committee voted in favor of regulating virtual currency transactions rather than imposing a complete ban.

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Cryptocurrency Not Ban

Concerns have been expressed on several platforms recently regarding the growing trade in virtual currency (cryptocurrency) and the huge influx of investors from across the world including India.

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Monday’s meeting was convened over concerns that there are no firm rules and no outright restrictions on usage, and that such a volatile situation in India poses a potential risk to the funds involved. Prime Minister Narendra Modi has also discussed in detail the issue of virtual currency with senior officials of various ministries and representatives of the Reserve Bank two days ago.

Virtual Currency Exchange Forum (Crypto Exchange)

Academia and other stakeholders, including representatives from the Virtual Currency Exchange Forum (Crypto Exchange), the Blockchain and Crypto Assets Council (BSCC), industry and other stakeholders, presented their views and positions before the Parliamentary Committee.

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This was the first meeting convened by the Parliamentary Standing Committee on Finance. Former Minister of State for Finance Jayant Sinha is the chairman of the committee. According to sources, most of the members of the committee were of the view that it would not be possible to impose a complete ban on coins at present, but instead steps would have to be taken for exchange. However, members of the Congress party in the committee clarified that the decision to impose the ban would be a challenge.

Read Alos | Crypto Currency will be ban or not in India, Value of crypto currencies falls amidst india’s crypto regulation bill 2021 speculations.

what an expected middle ground,

Any currency comes under the jurisdiction of the government of the country and the value of the currency is determined by the government itself. In contrast, virtual currency, a product of computer systems, is distributed and managed over the Internet, whose value is constantly modified by buyers and users on a demand-supply basis. However, many members are of the opinion that a complete ban is not a solution.

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Middle ground lawmakers are suggesting that a solid wall can be built between the real world of virtual currencies and the realm of reciprocity, and should be regulated based on sound rules. While the internet is becoming increasingly difficult to regulate in India, one member also expressed doubts about how virtual currencies would be regulated.

Efforts so far to curb this

In view of the growing popularity of virtual currency, the Reserve Bank of India has decided to issue its official digital currency on 5 February 2021, which will be an alternative to virtual currency. The central bank has also set up an internal committee to make recommendations on what the draft should look like.

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Earlier, in a direct attack, the Reserve Bank issued a circular on April 6, 2018, barring banks and financial institutions from providing any services with respect to virtual currencies. However, the implementation of this circular has been postponed by the order issued by the Supreme Court on March 4, 2020.

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