The government of India will take 'progressive' steps on crypto, say sources after PM Modi's meeting

                               

The government of India will take 'progressive' steps on crypto, say sources after PM Modi's meeting

                              

While the Indian government is aware of the risks associated with cryptocurrencies, it intends to take "progressive" and "further" steps on the matter, sources told Indian news agency Asia News International (ANI) at a meeting of Prime Minister Narendra Modi in the presidency. Told after The future of cryptocurrencies in the country.

"It is strongly felt that attempts to mislead youth through highly promising and non-transparent advertisements must be stopped," tweeted ANI. “It was also agreed that the steps taken by the government in the field of cryptocurrency and related issues would be progressive and forward-looking.”

The participating members noted the risk of unregulated markets becoming a channel for money laundering and terror financing and vowed to exercise caution, sources said. "The government is aware of the fact that this is an evolving technology, so the government will keep a close watch and take proactive steps," sources told ANI.

India may try to align itself with other countries/entities to regulate crypto, sources told ANI, "Since the issue cuts across borders of individual countries, it was felt that It will also require global partnerships and collective strategies."

The meeting came at a time when India's main opposition party, the Indian National Congress, stepped up its attack on the ruling Bharatiya Janata Party, claiming it had helped cover up a bitcoin scam in the state of Karnataka.

The Indian government has been sitting on the crypto regulation bill for at least a year. Officials have softened their stance on cryptocurrencies in recent months and invited crypto representatives to a meeting on November 15 to discuss the opportunities and challenges of the industry.

However, softness in my opinion is not universal. Earlier this week Reserve Bank of India (RBI) Governor Shaktikanta Das reiterated his anti-crypto stance, saying that cryptocurrencies pose a serious threat to the country's macroeconomic and financial stability. RBI's banking ban on crypto entities of April 2018 was set aside by the Supreme Court in March 2020.

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