New Delhi: Prime Minister Narendra Modi on Saturday chaired a meeting on the issue of cryptocurrency, PTI reported. Government sources stressed that this unregulated market cannot be used as a route for money laundering and terror financing activities.
The meeting also discussed the need to stop attempts to create promising and non-transparent advertisements, which could mislead the youth. Strong regulatory moves towards cryptocurrencies were also indicated.
“The government is aware of the fact that this is an evolving technology, it will keep a close watch and take proactive steps. It was also agreed that the steps taken by the government in this area would be progressive and forward-looking,” quotes PTI.
The report further said that the government will actively engage with experts and other stakeholders. Governments will also engage in global partnerships and collective strategies as cryptocurrencies are borderless digital currencies around the world.
The meeting was extensive, in consultation with the Reserve Bank of India, the Ministry of Finance and the Ministry of Home Affairs. “It was also the result of a consultation process as RBI, Ministry of Finance, Ministry of Home Affairs had done a detailed exercise on this as well as consulted experts from across the country and the world. Global examples and best practices were also seen, “Reported. PTI.
RBI has repeatedly warned about cryptocurrencies and expressed concern over their unregulated nature. Earlier this week, RBI Governor Shaktikanta Das said that cryptocurrencies pose a “serious threat” to any financial system.
His remarks come ahead of RBI’s internal panel report on virtual currencies, which is expected to be released next month.
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