According to reports, Indian Prime Minister Narendra Modi chaired an extensive meeting about cryptocurrency in India and other related topics. This meeting resulted from a consultation process that included the central bank and Reserve Bank of India (RBI), as well as the Ministry of Finance and the Home Ministry.
PM Modi Chairs Crypto Meeting
India’s Prime Minister Narendra Modi reportedly chaired a very comprehensive meeting on cryptocurrency and related matters Saturday. ANI News reports, citing government sources.
Today’s meeting chaired by PM Narendra Modi on the way forward for cryptocurrency and related issues was a very comprehensive one.
”It was strongly felt that attempts to mislead the youth through over-promising and non-transparent advertising be stopped,” the publication added.
The meeting “was also an outcome of a consultative process as RBI [the Reserve Bank of India], Finance Ministry, and Home Ministry had done an elaborate exercise on it as well as consulted experts from across the country & world.”
In addition, the meeting discussed that unregulated crypto markets cannot be allowed to “become avenues for money laundering and terror financing,” the news outlet conveyed, adding that 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.”
This publication is further described:
It was agreed that government’s efforts in cryptocurrency and other related areas will be forward-looking and progressive. The government will engage in pro-active dialogue with experts and other stakeholders.
On Monday, India’s Parliamentary Standing Committee on Finance held a meeting with representatives from the crypto industry. This was India’s first-ever parliamentary discussion of the broad subject of crypto finance involving the industry.
“There was an understanding that cryptocurrency can’t be stopped but it must be regulated … There was a consensus that a regulatory mechanism should be put in place to regulate cryptocurrency,” ANI publication detailed. “Members of Parliamentary Standing Committee on Finance now want government officials to appear before them and address their concerns.”
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