Flagging off the issue of deceptive non-transparent advertising on the cryptocurrency, Prime Minister Narendra Modi on Saturday chaired a meeting on how to proceed on the issue, with government sources saying such unregulated markets were called “money laundering and terror financing”. “Cannot be allowed to become an opportunity. ,
It was strongly felt in the meeting that attempts to mislead the youth through over-promises and non-transparent advertising should be stopped, with sources indicating that stronger regulatory steps are in the pipeline.
A source said, “The government is aware that this is an evolving technology, it will keep a close watch on it and take proactive steps. It was also agreed that the steps taken by the government in this area are progressive and forward-looking. Will be.” said.
The government will continue to actively engage with experts and other stakeholders, sources said, adding that since the issue crosses geographical boundaries, it was felt that it would also require global participation and collective strategies.
The meeting was very broad on the way forward for cryptocurrency and related issues.
“It was also the result of a consultation process as RBI, Ministry of Finance, Ministry of Home Affairs had conducted 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, The source said.
RBI has repeatedly reiterated its strong views against cryptocurrencies, stating that they pose a serious threat to the country’s macroeconomic and financial stability and the number of investors trading on them as well as their claimed Doubt the market value as well.
RBI Governor Shaktikanta Das on Wednesday reiterated his view against allowing cryptocurrencies, saying they pose a serious threat to any financial system as they are unregulated by central banks.
His remarks come ahead of RBI’s internal panel report on the controversial subject, which is expected next month.
In early March 2020, the Supreme Court struck down an RBI circular banning cryptocurrencies. Subsequently, on February 5, 2021, the central bank constituted an internal panel to suggest the model for the central bank’s digital currency.
The RBI had announced its intention to come up with an official digital currency due to the proliferation of cryptocurrencies such as bitcoin, which the central bank had many concerns about.
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