Prime Minister Narendra Modi yesterday chaired a meeting on the way forward for cryptocurrency and related issues. Government sources said it was a very comprehensive meeting. It was also an outcome of a consultative process as the Reserve Bank of India, Finance Ministry and Home Ministry had done an elaborate exercise on it and consulted experts from across the country and the world.
Global examples and best practices were also looked at. It was strongly felt that attempts to mislead the youth through over- promising and non-transparent advertising be stopped. It was also discussed that unregulated crypto markets cannot be let to become avenues for money laundering and terror financing.
Sources said the Government is cognizant of the fact that this is an evolving technology hence the government 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. The government will continue to pro-actively engage with the experts and other stakeholders. Sources added that since the issue cuts across individual countries’ borders, it was felt that it will also require global partnerships and collective strategies.
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