A high-level meeting, chaired by Prime Minister Narendra Modi, on the way forward for cryptocurrencies in the country concluded on Saturday. Top officials discussed issues related to the matter and put forth their concern over the unregulated crypto market in India and what it can lead to.
Sources said that the meeting was a “very comprehensive one” and was an outcome of a consultative process as the RBI, Finance Ministry, Home Ministry had done an elaborate exercise on it.
Experts from across the country and the world, too, were consulted.
Looking at global examples and best practices, it was strongly felt that attempts to mislead the youth through over-promising and non-transparent advertising must be stopped.
“It was also discussed that unregulated crypto markets cannot be allowed 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 it will keep a close watch and take proactive steps.
During the meeting, there was consensus that steps taken in this field by the government will be progressive and forward-looking.
The Centre said that it will continue to proactively engage with the experts and other stakeholders.
Since the issue cuts across individual countries’ borders, it was felt that it will also require global partnerships and collective strategies, government sources said.
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