In PM Modi’s meet on crypto, concerns expressed over terror-financing, misleading youth

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Attempts to mislead the youth through over-promising and non-transparent advertising have to be stopped, the Centre said after the PM Modi-led crucial meeting on cryptocurrency.

Prime Minister Narendra Modi on Saturday chaired a meeting on cryptocurrency where the concerns over the virtual currency market, the way forward for India were discussed in a comprehensive way, reports said. The meeting comes after Reserve Bank of India governor Shaktikanta Das cautioned investors about the digital currency. Attempts to mislead the youth through over-promising and non-transparent advertising have to be stopped, it was discussed in the meeting.

“It was also discussed that unregulated crypto markets cannot be let to become avenues for money laundering and terror financing,” the report said.

The government will keep a close watch on cryptocurrency as this is an evolving technology will take proactive steps, it said.

The meeting was an outcome of a “consultative process as RBI, finance ministry, the home ministry had done an elaborate exercise on it as well as consulted experts from across the country and the world,” reports said. India is also going through the global examples and the best practices regarding crypto.

In future, the Centre will take forward-looking and progressive steps regarding crypto, it was discussed and decided. “Since the issue cuts across individual countries’ borders, it was felt that it will also require global partnerships and collective strategies,” the report said.

The RBI has a strong view of cryptocurrencies and sees them as a threat to the macroeconomic and financial stability of the country. It has also questioned the claimed market value of crypto and the number of investors trading on them. A report of RBI’s internal panel on crypto is also expected to be submitted next month.

The Supreme Court in early March 2020 had nullified the RBI circular banning cryptocurrencies. Following this on February 5, 2021, RBI instituted an internal panel to suggest a model of the central bank’s digital currency. RBI said it wants to come up with its own official digital currency to combat the rise of the cryptocurrencies like Bitcoin against which it has reservations.

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