PM Reviews Cryptocurrency Issues with Key Stakeholders

Prime Minister Narendra Modi chaired a meeting on cryptocurrency Saturday, reviewing extensive discussion among various stakeholders on the matter. The Reserve Bank of India (RBI), finance ministry, and home ministry have been holding deliberations on cryptocurrency, which has been rapidly gaining ground in India as an investment avenue.

It was strongly felt that attempts to mislead young people by exaggerating returns and using opaque advertising should be stopped, according to people aware of the proceedings. Unregulated crypto markets should not become avenues for money laundering and terror financing, they said, citing the discussions.

The high-profile review comes ahead of a meeting of the parliamentary committee on finance with industry representatives and stakeholder on Monday on cryptocurrency.

Reserve Bank of India (RBI) governor Shaktikanta Das raised concerns over cryptocurrency last week. “People are doing a certain activity-as a central bank we have serious concerns from the macroeconomic and financial stability points of view,” he had said.

ET had reported earlier this month that India is eyeing a middle path on cryptocurrency as it finalizes legislation to be introduced in the upcoming winter session of parliament. S-ET

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