With advertisements from cryptocurrency exchanges and trading on their platforms across the country, Zerodha founder Nitin Kamath has also joined the debate on cryptocurrency regulation.
Nitin Kamath said in a tweet, “If financial services businesses are allowed to greedily sell easy + guaranteed returns from risky financial products, it not only hurts consumers, but it is a creates systemic risk.”
He further added that the government should also check unregulated CFDs/Forex platforms.
The founder of Zerodha said, “The government should not only investigate for crypto ads, but also for unregulated CFD/Forex platforms.”
Prime Minister Narendra Modi today urged all democratic countries to work together to ensure cryptocurrency Doesn’t end up in the wrong hands, warning that it can spoil youth.
In a virtual address at the Sydney Dialogue, he said the digital age is changing everything as it has redefined politics, economies and societies and raised new questions on sovereignty, governance, ethics, rights and security.
“It is important that all democratic nations work together on this and ensure that it does not fall into the wrong hands, which could spoil our youth,” he said, referring to cryptocurrencies.
According to government sources, Prime Minister Narendra Modi on Saturday chaired a comprehensive meeting on cryptocurrency and related issues to discuss that unregulated crypto cannot be allowed for money laundering and terror financing.
The meeting was conducted after a consultation process conducted by the Reserve Bank of India, the Ministry of Finance and the Ministry of Home Affairs (MHA) in which global and Indian experts were consulted and global examples and best practices were studied.
While the Supreme Court has lifted the ban on trading of cryptocurrencies imposed by the central bank, RBI remains concerned over them.
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