PM Narendra Modi chairs crucial meeting over cryptocurrency : Sources

Prime Minister Narendra Modi on November 13, 2021 chaired a crucial meeting on the way forward for cryptocurrency and its related issues, Press Trust of India reported citing unnamed government sources.

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.

According to RBI Governor Das, 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.

The conference 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.

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.

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