‘Attempts to mislead youth by overpromising should stop’: PM Modi chairs key meet on cryptocurrency – Times of India

NEW DELHI: The Centre on Saturday raised concerns over the use of cryptocurrency for money laundering and terror financing.
The issue was discussed during a meeting chaired by Prime Minister Narendra Modi on the way forward for cryptocurrency and related issues, government sources said.
During the meeting, it was highlighted that attempts to mislead the youth through overpromising and non-transparent advertising on cryptocurrency need to be stopped.
“The meeting chaired by PM Modi on the way forward for cryptocurrency and related issues was also an outcome of a consultative process as RBI, finance ministry, home ministry had done an elaborate exercise on it as well as consulted experts from across the country and world,” news agency ANI quoted the sources as saying.
It was also discussed that unregulated crypto markets cannot be allowed to become avenues for money laundering and terror financing.
“Government is cognizant of the fact that this is an evolving technology hence the government will keep a close watch and take proactive steps,” it added.
In the meeting, there was consensus also that the steps taken in the field of cryptocurrency by the government will be “progressive” and “forward-looking.”
“Government will continue to pro-actively engage with the experts and other stakeholders. Since the issue cuts across individual countries’ borders, it was felt that it will also require global partnerships and collective strategies,” it said.
The RBI has repeatedly reiterated its strong views against cryptocurrencies saying they pose serious threats to the macroeconomic and financial stability of the country and also doubted the number of investors trading on them as well their claimed market value.
RBI Governor Shaktikanta Das on Wednesday had reiterated his views against allowing cryptocurrencies saying they are a serious threat to any financial system since they are unregulated by central banks.
His comments come ahead of the RBI’s internal panel report on the contentious topic which is expected next month.
(With agency inputs)