Parliamentary committee to meet crypto industry players today

A parliamentary committee on finance is likely to hold a meeting of top stakeholders of the crypto industry on Monday, according to multiple reports. The meeting, reported to be a closed-door one, will have participants from top crypto exchanges, members of the Blockchain and Crypto Assets Council (BACC) among others.

This is the first time that the committee has invited industry stakeholders to formally have a discussion on the industry. It also comes days after Prime Minister Narendra Modi chaired a meeting on the way forward for cryptocurrency amid concerns over its misleading claims of huge returns on investment.

According to multiple news agencies, the government made a consensus that “attempts to mislead the youth through over-promising and non-transparent advertising have to be stopped.” “The government is cognizant of the fact that this is an evolving technology, it will keep a close watch and take proactive steps. There was also consensus that the steps taken in this field by the government will be progressive and forward-looking,” news agency PTI reported on Saturday.