The Standing Committee on Finance in its first meeting on cryptocurrency on Monday met stakeholders to understand the essential question on how this will impact the existing financial order.
The CII, Internet Mobile Association of India, Lakshmi Coin and other crypto firms were present at the meeting. The stakeholders argued that the crypto market must be regulated but they could not answer many of the questions raised by panel members
The currency is so far the sovereign’s domain but the cryptocurrency has already mounted a huge challenge. The market cap on worldwide currency is $80 trillion while the crypto market, in just the last 12-years has grown to $3 trillion.
Sources said the members asked several questions including the definition of cryptocurrency, the blockchain technology, what is the distributed ledger. “One of the key questions is that the cryptocurrency has no intrinsic value. But even then why are the people putting in their physical money in it,” one of the members said.
