Attempts to mislead youth by overpromising Advertisement should stop: PM Modi chairs key meet on cryptocurrency

Prime Minister Narendra Modi on Saturday chaired a crucial meeting on Over use cryptocurrency for for money laundering and terror financing and its related issues.

Prime Minister Narendra Modi attended a High-Level meeting on the way forward for cryptocurrencies and associated concerns on Saturday, during which it was discussed that uncontrolled cryptocurrency cannot be allowed for money laundering and terror financing, according to government sources.

It was highlighted in the Meeting held on Saturday that attempts to mislead the youth through overpromising and non-transparent advertising on Cryptocurrency should be stopped.

“The meeting chaired by PM Modi took place following a consultative process involving the Reserve Bank of India, the Finance Ministry, and the Ministry of Home Affairs (MHA), during which global and Indian experts were consulted and worldwide examples and best practises were explored.” News Agency ANI Quoted the sources as saying.

RBI Governor Shaktikanta Das on Wednesday said Cryptocurrencies are a major source of concern for macroeconomic and financial stability.

The meeting today covered a wide range of topics, including how to discourage marketing from over-promising and misleading young investors.

According to government sources, attempts to deceive young people through over-promising and non-transparent advertising must be prevented. Unregulated crypto markets cannot be permitted to become conduits for money laundering and terror financing, it was also discussed.

The government will continue to engage aggressively with experts and other stakeholders, adding that because the issue transcends geographical borders, global alliances and collaborative measures are expected.

Supreme Court in March 2020 overturned the RBI’s order, which effectively lifted the ban on cryptocurrency trading in India, the craze in India has grown at rapidly.

On February 5, 2021, the central bank established an internal panel to develop a digital currency paradigm.

The RBI declared its intention to create an official digital currency in response to the proliferation of cryptocurrencies such as Bitcoin, which the central bank has expressed worry over.

Prime Minister Narendra Modi today chaired a crucial meeting on the way forward for cryptocurrency and related issues. https://t.co/QhlzcPWaXJ

— CAStudycafe (@castudycafe) November 14, 2021