New Delhi, Nov 14 (FN Bureau) Amid growing craze for crypto currencies and the concerns around its misuse, Prime Minister Narendra Modi on Saturday held a comprehensive discussion involving the fast-emerging investment instrument. Government sources told UNI that the global best practices around crypto currency was discussed at the high-level meeting and it was felt that attempts to mislead the youth through over- promising and non-transparent advertising must be stopped.
“It was also discussed that unregulated crypto markets cannot be allowed to become avenues for money laundering and terror financing,” briefed a government source. It was unanimously felt that crypto is an evolving technology hence the government should keep a close watch and take proactive steps. “Today’s meeting chaired by PM on the way forward for cryptocurrency and related issues was a very comprehensive one. It 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 the world. Global examples and best practices were also looked at,” sources told UNI.
“It was strongly felt that attempts to mislead the youth through over- promising & non-transparent advertising should be stopped. It was also discussed that unregulated crypto markets cannot be let to become avenues for money laundering & terror financing”. The source added that Government is cognizant of the fact that this is an evolving technology hence the government will keep a close watch and take proactive steps. There was also a consensus that steps taken in this field 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,” the source added. The high-level meeting has been held close on the heels of RBI Governor Shaktikanta Das sounding alarm over crypto currency.