Prime Minister Narendra Modi hosted a conference on cryptocurrency Saturday reviewing extensive discussions between various stakeholders on the issue The Reserve Bank of India (RBI), the Ministry of Finance, and the Ministry of Home Affairs have been holding discussions on cryptocurrency, which has become increasingly available in India as a way to investment avenue.
There was a strong feeling that attempts to mislead young people by exaggerating the rewards and using vague advertising should be stopped, according to observant people aware of the proceedings. Unregulated crypto markets should not become the methods of robbery and terrorist financing, they said, citing the discussions in the meeting.
The high-level review comes ahead of a parliamentary finance committee meeting with industry representatives and stakeholders on Monday about cryptocurrency.
Reserve Bank of India (RBI) Governor Shaktikanta Das raised concerns about cryptocurrency last week. "People are doing a certain job - as a central bank we are very concerned about the state of the economy and financial stability," he said.
The government will monitor and take immediate action, remembering that the sector is emerging rapidly, said people who do not know the details of the meeting.
There was consensus in the review that the government would develop and look forward, and continue to consult with experts and other stakeholders, the people quoted above.
ET reported earlier this month that India is looking at a mid-term cryptocurrency approach as it finalizes a law to be introduced in the next winter parliament.
The growing view in government is that the law should be written in such a way that it can be applied properly. and technological advances in the digital environment are under consideration, ET reported.
This will also require international cooperation and collective bargaining as secret money is a cross-border problem. Higher trading has recorded a 200-500% increase in daily trading volume and an increase in volume in recent months as cryptocurrency prices have risen sharply.
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