India Eyes Crypto Rulebook as Parliament Panel Meets RBI, ICAAI on July 2 to Shape VDA Policy Roadmap
India’s push to develop a regulatory framework for cryptocurrencies is all set to enter a crucial phase on July 2. The Parliamentary Standing Committee on Finance will meet officials from the Reserve Bank of India (RBI) and the Institute of Chartered Accountants of India (ICAI). The discussions form part of the committee’s ongoing study, ‘Virtual Digital Assets (VDAs) and Way Forward’. The initiative aims to recommend a long-term policy for the crypto sector.
Why the July 2 Meeting Matters
According to the official schedule, “the RBI will appear before the panel from 11:00 AM to 12:30 PM. Then, ICAI will appear from 12:30 PM to 1:30 PM at the Parliament House Annexe in New Delhi.”
The RBI will present its views during the morning session, followed by ICAI, whose inputs are expected to focus on accounting standards, disclosures, taxation, and compliance for digital assets.
The upcoming meeting is crucial as, for the first time, the RBI will share its views with the parliamentary panel at its consultation on cryptocurrencies. Until now, lawmakers have had discussions with crypto exchanges, tax authorities, and other regulators, but the central bank has remained the missing stakeholder.
RBI has always adopted an extremely cautious approach to cryptocurrencies and has warned that the private use of cryptocurrency may threaten the financial stability of the country. Its recommendations are expected to carry considerable weight as the committee prepares its final report.
Policy Clarity, Not Immediate Regulation
Currently, there are no comprehensive laws in India concerning the legality of cryptocurrencies or regulatory duties. However, gains made from digital virtual assets are taxed, while questions regarding licensing, stablecoins, regulation of exchanges, and foreign crypto transactions are still open.
The evidence submitted by the RBI, together with the accounting and regulatory guidelines issued by the ICAI, may serve as a good basis for the committee’s report. Although one should not wait for any changes after this session of the committee, its outcome will certainly affect the further development of the cryptocurrency legislation in India.
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