In recent news, India's Parliamentary Standing Committee of Finance had announced an upcoming official conference wherein possible regulation of digital assets will be discussed with some of the country's most significant cryptocurrency stakeholders and industry leaders.
Politicians and industry executives are therefore set to take part in extensive conversations about possible cryptocurrency regulation and legislation. The actual itinerary for the meeting though has not yet been issued, as per a representative for the House of the People (Lok Sabha) secretariat.
Whatever path the Indian lawmakers ultimately decide upon could have a domino effect on other countries in the region, and cryptocurrency advocates are thus hopeful that the negotiations will end in mainly beneficial outcomes.
India's Relationship with Crypto
WazirX, an Indian cryptocurrency exchange, recently reported a considerable increase in its respective number of subscribers as well as overall trading volume in 2021. It had also been reported that the platform's user base expanded to 10 million this year. Furthermore, according to Coindesk, WazirX's 2021 trade volume has now managed to reach just about $38 billion, representing a 44% increase on a monthly basis.
Needless to say, there are thus many Indian citizens who are supportive of crypto, and most of these enthusiasts hail from cities such as Delhi, Mumbai, Hyderabad, Bengaluru, and Kolkata. Most of the supporters were also found to be adolescents. However, not everyone seems to be on board, as was made evident by both the central bank as well as the country's lawmakers refusing to acknowledge the growing popularity and increasing demand pertaining to digital assets by the Indian cryptocurrency community.
As a matter of fact, Governor Shaktikanta Das of the RBI (Reserve Bank of India) recently claimed that the overall amount of Indian citizens who have expressed an interest in various cryptocurrency-based assets has in fact been grossly exaggerated and blown out of proportion. In the past, the RBI has often adopted a hostile approach towards cryptocurrencies, so this statement should not come as that much of a surprise.
Time for a Change
While there are several reasons as to why the cryptocurrency space has been experiencing exponential growth over the course of the last decade, the fact remains that it is mostly the younger generation that is spearheading the charge for the new industry.
India's cryptocurrency community is no different, and it is this unyielding support that has now culminated in the upcoming meeting between the local government and various cryptocurrency leaders and experts. The ones representing the cryptocurrency sector hail from a variety of different companies, and noteworthy participants involve both the BACC (Blockchain & Crypto Assets Council) and the IAMAI (Members of the India Internet & Mobile Association). As per the most recent reports, the meeting is scheduled to occur on the 15th of November, 2021.