‘Cryptocurrency can’t be stopped but must be regulated’: Parliamentary Committee

At the meeting on crypto convened by the Parliamentary Standing Committee on Finance, the various stakeholders reportedly came to the conclusion that “cryptocurrency cannot be stopped” but it has to be “regulated”, government sources told reporters on Monday.

This is the first such meeting called by the Standing Committee, and it saw the participation of representatives of crypto exchanges, block chain and Crypto Assets Council (BACC), among others. However, none of the stakeholders could decide on a regulator for the burgeoning crypto industry, in spite of agreeing that a regulatory mechanism was necessary.

“There was a consensus that a regulatory mechanism should be put in place to regulate cryptocurrency. Industry associations and stakeholders were not clear as to who should be the regulator,” the source told news agency ANI.