Finance Minister

India’s Finance Minister Holds Private Meeting On Bitcoin Regulation

Just recently reported that the Indian government was soon planning to regulate bitcoin and the use of virtual currencies within the country. Now according to local reports, India’s Finance Minister Arun Jaitley held a private inter-ministerial meeting to discuss risks and concerns related to bitcoin regulation.

Also read: Indian Bitcoin Adoption Responds to Government Signalling for Regulation

After Hearing Public Opinion Indian Bureaucrats Meet Privately to Discuss Bitcoin Regulation Risks and Benefits

India’s Finance Minister Holds Private Meeting On Bitcoin Regulation
Parliament member Kirit Somaiya reviews public opinions concerning bitcoin regulation.

Many bitcoin proponents are focused on India as they believe the country will be the next in line to recognize and regulate the decentralized currency much like Japan. There have been several meetings and discussions with lawmakers like Parliament member Kirit Somaiya, Finance Minister Arun Jaitley, and many other figureheads. 

Kirit Somaiya has made some negative comments about bitcoin over Twitter in the past, but has recently listened to citizen feedback about regulating the cryptocurrency. This past March, Indian citizens were recently allowed to comment and send feedback on government bitcoin regulation to various politicians.

“I have taken up the issue of bitcoin at various levels, you may send your suggestions to me please,” explains Parliament member Kirit Somaiya this past spring via Twitter.

India’s Finance Minister Holds Private Meeting On Bitcoin Regulation

Many Senior Officials Attend Indian Finance Minister Arun Jaitley’s Inter-Ministerial Meeting  

India’s Finance Minister Holds Private Meeting On Bitcoin Regulation
On June 27, Indian Finance Minister Arun Jaitley held private meetings with government officials to discuss bitcoin regulation.

Now according to sources familiar with Indian government officials, the Finance Minister Jaitley’s inter-ministerial meeting discussed bitcoin regulation after hearing the public’s opinion. Attendees of the meeting included Economic Affairs Secretary Tapan Ray, IT Minister Ravi Shankar Prasad, NITI Aayog Vice Chairman Arvind Panagariya, Home Secretary Rajiv Mehrishi, Financial Services Secretary Anjuly Chib Duggal, and a variety of other Indian lawmakers.

Although Indian bureaucrats like Kirit Somaiya are skeptical of bitcoin, Jaitley has asked fellow lawmakers and citizens in the past to embrace the digital age and prepare for a cashless “mission mode” after last November’s demonetization. “Some of the banks have already had a lot of success, contrary to the argument which is made within the political system that Indians are not well adapted to this mode,” Jaitley said at the time.

India’s Media Headlines Say Bitcoin Regulation is Favorable Among Officials

Regulating virtual currencies in India has brought a lot of attention to the country’s official stance on bitcoin. This past April, legislators created a committee dedicated to researching the various risks and benefits in regards to India legally recognizing the cryptocurrency. On June 20 reported on a local Indian CNBC broadcast that stated most of the committee members said they were in favor of regulatory guidelines for virtual currencies.

It seems from Indian news outlets, and regional publication headlines, the Finance Ministry, Jaitley, and the Interdisciplinary Committee will be revealing the outcome of bitcoin regulation soon. Sources say no official decisions were made at Jaitley’s private event but “several issues concerning bitcoin were discussed.”

What do you think about Arun Jaitley’s private bitcoin discussion with fellow Indian bureaucrats? Do you think India will legally recognize and regulate bitcoin soon? Let us know what you think in the comments below.

Images via Shutterstock, Pixabay, and Paul J. Richards/AFP/Getty Images.      

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  • David

    I think governments are primary worried about theres control over money and people and they pack so it looks like they worry about people and that they don’t get cheated. Even the breaks in a politician’s speech is a lie.

  • Arvind Rao

    Finance Minister Arun Jaitley has done the right thing by calling for a meeting and discussing the pros and cons. It’s good to see that there is consensus among members on the adoption of bitcoin and I must congratulate all such members for their open and futuristic thinking on the bitcoin issue. Bitcoin has already taken the the world by storm and all the global business leaders who matter and the leading countries have gone ahead with legalizing bitcoin use through appropriate legislation. In this age of advanced technology a country like India that is aspiring to be a global leader cannot afford to be found lagging behind other progressive countries by not adopting bitcoin.
    The PM and FM’s effort to bring about a cashless economy cannot be complete without bitcoin adoption as it is complementary and based on secure block-chain technology using high level of encryption. Also block-chain technology has many applications besides cash transfers that can help to make the economy robust.

  • Dbt123

    The carrot or the stick? That’s the real question in All these countries debating crypto use. They want everyone in the matrix…But how? Obviously the carrot would be easier.

  • Dbt123

    All your transactions belong to Us.

  • BTCSalomon

    I totally believe india will accept and regulated bitcoins.
    I think this meeting is not about if they regulated or not. The meeting is about how the indian goverment can take advantage of taxes and how much they can control the bitcoin wave in the world.
    I hope the indian goverment will be brave and smart enough to ride this bitcoin wave now that is not that big.