Prime Minister Narendra Modi chairs crucial meeting over cryptocurrency
- According to the Press Trust of India, which cited anonymous government sources, Prime Minister Narendra Modi chaired a critical discussion on the future of cryptocurrencies and related concerns on November 13, 2021.
- According to official sources, Prime Minister Narendra Modi held a High-Level meeting on the future of cryptocurrencies and related concerns on Saturday, during which it was discussed that unregulated cryptocurrency cannot be used for money laundering or terror financing.
- Cryptocurrencies are a serious source of worry for macroeconomic and financial stability, according to RBI Governor Das.
- Today’s discussion covered a wide range of themes, including how to prevent over-promising and misleading young investors in marketing.
- The conference was held after a consultative process comprising the Reserve Bank of India, the Finance Ministry, and the Ministry of Home Affairs (MHA), during which global and Indian experts were engaged, and global precedents and best practices were investigated.
- Attempts to deceive young people through over-promising and non-transparent advertising, according to government sources, must be avoided. It was also emphasized how unregulated crypto marketplaces cannot be allowed to become conduits for money laundering and terror financing.
- The central bank established an internal panel to propose a digital currency paradigm on February 5, 2021.
- In response to the rise of cryptocurrencies such as Bitcoin, which the central bank has expressed concern about, the RBI announced its desire to create an official digital currency.
- Parliamentary Standing Committee on Finance has invited crypto industry players to discuss the opportunities & challenges of the industry. The Lok Sabha has scheduled the meeting on November 15.
Prime Minister Narendra Modi takes note of cryptocurrency use & regulation, holds a meeting with experts
- The meeting held a detailed discussion on the persisting issue and comprehensively detailed every aspect concerning the use of cryptocurrency. PM Modi also heard the suggestions made by the experts regarding the same. add the comment as below
- Illegal use of cryptocurrency to fund terror organizations and for money laundering was also discussed. “It was also discussed that unregulated crypto markets cannot be let to become avenues for money laundering & terror financing.
- Govt is cognizant of the fact that this is an evolving technology hence the government will keep a close watch and take proactive steps,” sources informed further.
- They added, “There was consensus also that the steps taken in the field of cryptocurrency & related issues by the Govt will be progressive & forward-looking. Govt will continue to pro-actively engage with the experts and other stakeholders on the issue.”