Cryptocurrencies are gaining rapid adoption among Indian investors and the government is now taking note of it. For the first time ever, government officials have decided to hold an official meeting with the top stakeholders in the industry, including the crypto exchanges, which we now see more often than ever in several advertisements.

The meeting has been scheduled for November 15 and will be held by the Lok Sabha, the lower house of parliament. The topic of the meeting is “Hearing of the views of associations, industry experts on the subject of ‘CryptoFinance’: Opportunities and challenges,” and will be hosted by the Parliamentary Standing Committee on Finance.

Meeting attendees will include representatives from the India Internet and Mobile Association (IAMAI) Blockchain and Crypto Assets Council (BACC), which includes some of the top crypto exchanges of India. These include WazirX, CoinDCX, CoinSwitch Kuber and others.

Until now, the exchanges have been running on self-regulatory guidelines, mostly set in place by the BACC board, which also ensures their compliance with all the players in the industry. While these stakeholders have been in talks with the government in the past, the government has taken no official stance on the role of cryptocurrencies in India as yet.

A report by Economic Times mentions that the meeting set now will see stakeholders addressing a committee led by Lok Sabha member and junior minister of finance, Jayant Sinha. The committee has already sent a list of questions to BACC for this discussion.

The meeting is expected to be the first official step towards an eventual regulation around cryptocurrencies in India. This will be a long way from the government’s earlier ban on the use of virtual currencies in the country, following several concerns stated by the RBI on their impact on the economy.

The government now reportedly wants to explore how cryptocurrencies can help the financial sector in India, and the types of impact it may have on the Indian Rupee and the economy in general. The meeting on November 15 will thus, be a decisive event before the cryptocurrency bill anticipated to be presented to the parliament later this year.