PM Modi Chaired Meeting Regarding Cryptocurrencies And Terror Financing Activities

The government sources asserted that this unregulated market cannot be used as a path for money laundering and terror financing activities. 

The meeting also discussed over the need to stop the attempts of making over promising and non-transparent advertising | File Images

New Delhi: Prime Minister Narendra Modi chaired a meeting regarding a way forward on the issue of cryptocurrency on Saturday, reported PTI. The government sources asserted that this unregulated market cannot be used as a path for money laundering and terror financing activities. 

The meeting also discussed the need to stop the attempts of making over promising and non-transparent advertising, thus misleading the youth. Strong regulatory steps towards cryptocurrencies were also hinted at.

"The government is cognizant of the fact that this is an evolving technology, it will keep a close watch and take proactive steps. There was consensus also that the steps taken in this field by the government will be progressive and forward-looking," quote PTI. 

The report further stated that the government will be actively interacting with the experts and other stakeholders. The government will also indulge in global partnerships and collective strategies as cryptocurrencies are borderless digital currencies cutting across the globe. 

With consultations from the Reserve Bank of India, Finance Ministry, and Home Ministry, the meeting was comprehensive. "It was also an outcome of a consultative process as RBI, Finance Ministry, Home Ministry had done an elaborate exercise on it as well as consulted experts from across the country and the world. Global examples and best practices were also looked at," reported PTI. 

The RBI has repeatedly warned about the cryptocurrencies and expressed its concerns over their unregulated nature. Earlier this week, RBI Governor Shaktikanta Das had said that cryptocurrencies are a “serious threat” to any financial system. 

His comments came ahead of the RBI’s internal panel report on virtual currencies that is expected to be released next month.