Crypto has been gaining momentum worldwide, but it comes concerns of huge returns on cryptocurrency investment, which are misleading. To clarify these Cryptocurrency related issues and discuss a way forward, Prime Minister Narendra Modi on Saturday chaired a meeting.
During the meeting, government sources propounded that such unregulated markets cannot become avenues for “money laundering and terror financing”. The meeting also conveyed the issue of non-transparent advertising relating to Cryptocurrency amongst the youth and the need for regulatory solid steps to stop such issues.
“The government is cognizant of the fact that this is an evolving technology, it will keep a close watch and take proactive steps. There was also consensus that the government’s steps taken in this field will be progressive and forward-looking,” one of the sources said.
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The government will be connecting with stakeholders and experts as the issue persists across the nation and requires global partnerships and collective strategies. “It was also an outcome of a consultative process as RBI, Finance Ministry, Home Ministry had done an elaborate exercise on it as well as consulted experts from across the country and the world. Global examples and best practices were also looked at”, the source added.
The Reserve Bank of India has repeatedly expressed its concerns about Cryptocurrency. RBI claims that crypto poses severe threats to the macroeconomic and financial stability of the country. Further, it has also doubted the number of investors trading on them and their claimed market value as well.