India’s Parliamentary Standing Committee on Finance will meet officials from the Reserve Bank of India (RBI) on July 2 to discuss the country’s approach to cryptocurrency regulation.
The meeting in New Delhi will focus on virtual digital assets (VDAs), possible regulatory changes, and crypto taxation as policymakers continue reviewing how digital assets should fit within India’s financial system. The discussions could help shape future policy, even as India maintains a cautious approach toward the sector.
Bitinning founder Kashif Raza said India’s Parliamentary Finance Committee will meet the Reserve Bank of India (RBI) on July 2 to discuss cryptocurrency regulation. The meeting will be the committee’s eighth consultation with stakeholders as it continues gathering feedback from crypto exchanges operating in India.
The committee is also scheduled to meet with the Institute of Chartered Accountants of India (ICAI) to discuss crypto taxation and compliance.
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The committee will hear oral testimony from Reserve Bank of India officials as part of its review of virtual digital assets and possible next steps for crypto regulation. Lawmakers are expected to examine issues including financial stability, money laundering, and terrorist financing before submitting recommendations to the government.
The committee does not have the power to create or approve new laws. Instead, it examines information, hears views from industry participants, and submits recommendations to the government. Therefore, the July 2 discussion is likely to influence future crypto regulations rather than bring immediate policy changes.
The meeting also comes as the Reserve Bank of India continues to take a cautious approach toward cryptocurrencies. RBI Governor Sanjay Malhotra has previously warned about the risks linked to crypto and stablecoins, saying the central bank remains careful while assessing their impact on the financial system.
(adsbygoogle = window.adsbygoogle || []).push({});Before the committee’s latest discussion, Finance Minister Nirmala Sitharaman said India should treat cryptocurrencies as taxable assets rather than official currency. Under the current framework, crypto profits face a 30% tax, while certain transactions attract a 1% Tax Deducted at Source (TDS).
Sitharaman has also emphasized that crypto regulation cannot be handled by one country alone. She said global cooperation is needed to address risks linked to digital assets, including money laundering, illegal activities, and terrorist financing.
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