Interview Times Hailing the issue of misleading non-transparent promoting on cryptocurrency, Prime Minister Narendra Modi on Saturday chaired a meeting on the way forward on the issue, with government sources declaring that such unregulated markets cannot be permitted to become avenues for “money laundering and terror financing”.
It was unequivocally felt within the meeting that endeavors to mislead the youth through over-promising and non-transparent promoting ought to be halted, the sources said, flagging that strong regulatory steps are in the offing.
“The government is cognizant of the fact that this can be an evolving innovation, it’ll keep a close observance and take proactive steps. There was consensus too that the steps taken in this field by the government will be progressive and forward-looking,” a source said.
The government will proceed to proactively indulge with experts and other stakeholders, sources included, noting that since the issue cuts over topographical borders, it was felt that it’ll moreover require worldwide partnerships and collective strategies.
The meeting on the way forward for cryptocurrency and related issues was an awfully comprehensive one. “It was moreover a result of a consultative handle as RBI, Finance Ministry, Home Ministry had done expound exercise on it as well as counseled experts from over the nation and the world. Worldwide illustrations and best hones were also looked at,” the source 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.
The Supreme Court in early March 2020 had nullified the RBI circular banning cryptocurrencies. Following this on February 5, 2021, the central bank had instituted an internal panel to suggest a model of the central bank’s digital currency.
The RBI had announced its intent to come out with an official digital currency, in the face of the proliferation of cryptocurrencies like Bitcoin about which the central bank has had many concerns.
(Source: News Agencies)
