Prime Minister Modi chairs crucial meeting after RBI cryptocurrency warning, India News News
After the Governor of the Reserve Bank of India warned investors against digital currency, Indian Prime Minister Narendra Modi chaired a meeting on Saturday to address concerns about the virtual currency market.
The meeting talked about ensuring that young people are not misled about digital currency by overly promising and non-transparent promises.
Read also | Even as air quality deteriorates, India reports lowest active Covid cases since March 2020
“It was also discussed that unregulated crypto markets cannot become avenues for money laundering and terrorist financing,” the report said.
The government plans to keep a close watch on cryptocurrency as it is believed to be a rapidly evolving technology. Officials have been urged to take proactive action if a discrepancy is detected. It was the result of a “consultative process while the RBI, the Ministry of Finance, the Ministry of the Interior had done an elaborate exercise on this subject as well as consulted experts from all over the country and the world,” said told news agencies sources familiar with the matter.
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This meeting came as RBI took a tough stance on cryptocurrencies and called it a threat to the country’s financial stability. A detailed report from the RBI’s internal panel is expected to be produced by the end of next month.
It was also decided that the Center would also look forward to global partnerships on issues related to cryptocurrency. “Since the problem transcends the borders of each country, it was felt that it will also require global partnerships and collective strategies,” the sources added.
RBI has also claimed that it hopes to create its own official digital currency, but there have not yet been any confirmed plans or announcements on this.
(With contributions from agencies)
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