'India Wants Crypto' trends, as ban fears ease and regulation awaited

No ban just regulation on the anvil, that is the big news that is keeping the crypto backers enthused in India as #IndiaWantsCrypto continues to be a top trend on social media.

Following a first of it's kind meeting where the Standing Committee on Finance chaired by BJP's Jayant Sinha, met representatives of crypto exchanges the murmur of some regulatory mechanism has put $6 billion of investment at some ease.

Jayant Sinha was quoted as saying to CNBC TV18 that 'Regulatory framework will have to balance the opportunities and risks attached to cryptocurrencies.”

Ahead of the govt finalising the crypto bill for parliament, Sinha said that the current taxation framework in the country is well-equipped to handle cryptocurrency and crypto finance-related matters if the asset is legally recognized by the government.

The parliamentarian, however, pointed out that there are concerns over four main areas of risks attached with the digital tokens, namely, investor protection, monetary policy risk, fiscal policy risk and illicit finance.