PM Modi chairs meet on Cryptocurrency & related issues

Amid concerns over misleading claims of huge returns on Crypto invetment,Prime Minister Narendra Modi on Saturday chaired a high-level meeting on cryptocurrency and related issues.Concerns over unregulated crypto markets turning into avenues for money laundering and terror financing were discussed at the key meeting. According to media reports, the meeting also touched upon the issue  the need to stop the attempts to mislead the youth through "over-promising and non-transparent advertising." It was also discussed that unregulated crypto markets cannot be let to become avenues for money laundering & terror financing. Govt is cognizant of the fact that this is an evolving technology, hence the government will keep a close watch and take proactive steps.

Officials from the Reserve Bank of India (RBI), Finance Ministry, the Securities and Exchange Board of India (SEBI) were also part of the meeting. The government is cognizant of the fact that this is an evolving technology and will keep a close watch and take proactive steps. There was also a consensus in the meeting that the steps taken in this field by the government should be progressive and forward looking, report said. The crucial meeting comes after Reserve Bank of India (RBI) governor Shaktikanta Das sounded alarm on cryptocurrencies, cautioning investors on the potential pitfalls of the digital currency.

The fast paced developments in the crypto space come at a at a time when crypto craze remains elevated among Indian investors, especially the retail ones. The union government has not yet enacted a law on cryptocurrencies is in consultation with industry experts, comments from various officials and ministers. The RBI had announced its intent to come out with an official digital currency, in the face of proliferation of cryptocurrencies like Bitcoin about which the central bank has had many concerns. The meeting also comes on the day the Congres has alleged a multi-crore Bitcoin scam and its cover-up by the BJP government in Karnataka and demanded that an independent investigation be conducted into the matter.