PM seats meet on cryptocurrencies.
Prime Minister Narendra Modi on Saturday chaired a meeting to consider the prospects for running cryptocurrencies with the Reserve Bank of India and the Ministry of Interior and Finance, as a strong coalition reached a ban on ‘attempts to mislead young people through. excessive advertising & invisible advertising ‘.
Recognizing that illicit crypto markets could not be allowed to become money laundering mechanisms by terrorists, the PM and others present confirmed that monitoring and action were essential to the sector, major government sources said.
“There was also a consensus that the government’s approach to this issue will be progressive and forward-looking,” the source said, emphasizing that the government will continue to be interested in experts and others involved.
“As this issue transcends international borders, it is likely that it will also require international cooperation and mechanisms to work,” the man said.
The PM-led meeting is coming before the parliamentary committee on Monday, November 15, with industry experts on the challenges and opportunities that crypto currencies are losing.
The Ministry of Finance has not commented on how the Cryptocurrency Bill was prepared to be approved by the Union minister from August, according to Finance Minister Nirmala Sitharaman. Billyi is now expected to be presented to the Winter Parliament starting November 29th.
On Friday, ministry officials responded to questions about who could be held accountable if depositors betting on crypto prices lost a significant amount.
With the promotion of cryptocurrency exchanges and trades on their growing platforms across the country, especially in recent cricket cases, the government is expected to introduce alternative measures to ensure that investors do not lose their money.
In the absence of a clear operating system, although large sums of money, especially young people, have been betting on cryptocurrencies to get back to the seemingly simple ones, they are still uncertain of government funding as well.
Although the Supreme Court has overturned a ban on cryptocurrency transactions issued by the central bank, the RBI continues to be concerned about them.
Saturday’s meeting was the culmination of a series of talks between the RBI, the Ministry of Finance and Home Affairs and cryptocurrency experts in India and abroad. “The government is aware that this is a progressive technology as well as global models and best practices that have been redefined,” the source said.