A high level meeting chaired by Prime Minister Narendra Modi on the way forward cryptocurrency The country concluded on Saturday. The top officials discussed the issues related to the matter and expressed their concern over the unregulated crypto market in India and what it could lead to.
Sources said the meeting was a “very comprehensive one” and was the result of a consultation process as the RBI, the finance ministry, the home ministry had conducted a detailed exercise on it.
Experts from the country and the world were also consulted.
Looking at global examples and best practices, it was strongly felt that attempts to mislead youth through over-optimistic and non-transparent advertising must be stopped.
“It was also discussed that unregulated crypto markets cannot be allowed to become a source of money laundering and terror financing,” the sources said.
The government is aware of the fact that this is an evolving technology so it will keep a close watch and take proactive steps.
During the meeting, it was agreed that the steps taken by the government in this area would be progressive and forward-looking.
The Center said it would continue to actively engage with experts and other stakeholders.
Since the issue crosses the boundaries of individual countries, it was felt that it would also require global participation and collective strategies, government sources said.
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