Prime Minister Narendra Modi presided over a thorough meeting on Saturday. According to government sources, the conference was conducted to discuss the future of cryptocurrencies and associated challenges, and it was resolved that uncontrolled digital currency could not be used for money laundering or terror funding.
The conference took place after a consultation process including the Reserve Bank of India, the Finance Ministry, and the Ministry of Home Affairs (MHA), during which global and Indian experts were engaged and worldwide precedents and best practices were explored.
As per official sources, efforts to deceive young people by over-promising and non-transparent advertising must be prevented.
Unregulated crypto markets cannot be permitted to become conduits for money laundering and terror funding. However, according to sources, the government recognizes that this is developing technology and will keep a close eye on it and take aggressive measures.
There was also agreement that the government’s actions in this area would be progressive and forward-looking. The administration will seek to interact with experts and other stakeholders proactively.
Because the problem transcends national boundaries, it was thought that global alliances and collaborative initiatives would be required. The high-level meeting comes after RBI Governor Shaktikanta Das issued a crypto-warning, warning investors about the dangers of digital money.
On November 10, Das stated that digital currencies are a major source of worry regarding macroeconomic and financial stability.