Cryptocurrency
PM Modi chairs key meet on concerns over cryptocurrency becoming money laundering, terror financing channel
New Delhi/IBNS: Prime Minister Narendra Modi Saturday chaired a meeting on cryptocurrency, amid concerns over misleading claims of huge returns on cryptocurrency investment, dealt in unregulated crypto markets.
In the meeting, discussions were focused on unregulated crypto markets and how they can be prevented from becoming avenues for "money laundering and terror financing", reported PTI.
Concerns were raised over "non-transparent" and "over-promising" advertising in attempts to mislead the youth into investing in cryptocurrency and they should be stopped, signalling that strong regulatory steps could be soon announced.
“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 consensus also that the steps taken in this field by the government will be progressive and forward-looking,” a source was quoted as saying by PTI.
In this direction, the government will engage with experts and other stakeholders, and also enter into global partnerships and collective strategies as the issue cuts across geographical boundaries.
“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 told PTI.
On November 10, Reserve Bank of India (RBI) Governor Shaktikanta Das expressed concern over cryptocurrencies from a point of view of the macroeconomy and financial stability.
"We have given our detailed suggestions, as far as I know, the matter is under active consideration of the government and the government will decide," he was quoted as saying by Money Control on how the issue has to be dealt with.
“The number of investors on sense I have is that I’m not so sure about the numbers which are being quoted,” Das said, adding as it is an unregulated territory the central bank doesn’t get full information.
“With a reasonable amount of confidence, I think the number of participants claimed in the crypto market are somewhat exaggerated,” he had said.
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