Indian Prime Minister Narendra Modi on Saturday chaired a meeting on cryptocurrencies and expressed his concerns over the use of cryptocurrencies in money laundering and terror funding. The meeting comes after Reserve Bank of India governor Shaktikanta Das cautioned investors about cryptocurrencies. “It was also discussed that unregulated crypto markets cannot be let to become avenues for money laundering and terror financing,” the report said.
The government wants to curb attempts to mislead young people by exaggerating returns on crypto.
It was strongly felt that attempts to mislead young people by exaggerating returns and using opaque advertising should be stopped, according to people aware of the proceedings. They said that unregulated crypto markets should not become avenues for money laundering and terror financing, citing the discussions. The high-profile review comes ahead of a meeting of the parliamentary committee on finance with industry representatives and stakeholders on Monday on cryptocurrency. In the future, the center will take forward-looking and progressive steps regarding crypto, it was discussed and decided.
The center is likely to table the crypto bill in Winter Session.
The Indian government is all set to table a comprehensive bill on cryptocurrency, which may be presented in the coming Winter Session of Parliament. The Standing Committee on Finance is scheduled to hold talks on cryptocurrencies in the next meeting. Earlier, the Reserve Bank of India had clearly conveyed its reservation on cryptocurrencies. The central bank had made its position clear on the digital assets, stating it has grave concerns regarding them, reaffirming its consistent position on the use of virtual currencies. However, it is very unlikely that the government will ban cryptocurrencies completely in the country.