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The central government has started cracking down on all the crypto exchanges operating illegally in the country. Prime Minister Narendra Modi has asked for strict action against these crypto exchanges which have become the means of terror funding for terrorists and money laundering for black money hoarders. On Saturday, the PM held a meeting with the Ministry of Finance, RBI and the Ministry of Home Affairs regarding this. Government sources say that in the meeting, PM Modi clearly asked what steps have been taken to regulate cryptocurrencies.
There will be a ban on deceiving the youth
According to sources, a comprehensive review of cryptocurrencies and all related issues took place in the meeting. Clearly, it was decided to stop opaque advertising misleading the youth in the name of cryptocurrencies. In the meeting, the issues that emerged after consultation with crypto experts from across the country and the world were discussed by RBI, Ministry of Finance and Ministry of Home Affairs.
Cases of fraud are high since all accounts of cryptocurrencies are online.
Monitoring will start with the help of technology
Sources say that the most talked about illegal crypto markets was discussed in the meeting. It was agreed that these markets cannot be allowed to become bastions of money laundering and terror funding.
It was also agreed in the meeting that the technology related to cryptocurrencies is changing daily. Due to this it was decided that the government would take steps to keep a close watch on every aspect related to cryptocurrencies with the help of technology. For this, suggestions will be taken continuously from experts and other stakeholders.
Build coordination with other countries
It was also recognized in the meeting that the issue of cryptocurrency is not confined within the borders of the country but it is an international issue. In such a situation, the Government of India will coordinate with other countries to make global partnerships and collective strategies.
RBI is also coming soon with a new framework for cryptocurrencies.
RBI warned two days ago
Two days ago, RBI Governor Shaktikanta Das had warned about digital currency. He described it as a very serious matter and indicated that some big step would be taken soon. RBI and stock market regulator SEBI are working together to prepare a framework to tighten the noose on cryptocurrencies.
RBI is also bringing its own digital currency
Reserve Bank of India (RBI) is also preparing to bring digital currency. Although much is not clear about this, but an announcement can be made about it in December.