A parliamentary committee in India is considering recommending new measures to improve the transparency and oversight of cryptocurrency transactions. The panel is also evaluating the Union government’s current stance on the digital asset sector.
Lawmakers may suggest that the government invest in advanced technology for tracking crypto transactions and enhance its blockchain capabilities for stronger surveillance. They are also expected to consult with stakeholders regarding the country’s future position on crypto assets.
The committee has been examining Virtual Digital Assets, which include cryptocurrencies and NFTs, since September of the previous year. Data from the Financial Intelligence Unit indicates a significant number of verified accounts holding substantial crypto assets, though the estimated value of these holdings has seen a decline.
A senior lawmaker noted that India currently lacks adequate technology for virtual digital assets and relies on external solutions. The committee is exploring whether to adopt the technology or restrict virtual digital assets, considering various related issues.
Source: hindustantimes.com
