Tribune News Service
New Delhi, November 13
Amid concerns about the cryptocurrency market expansion, Prime Minister Narendra Modi chaired a high-level meeting on Saturday that concluded that unregulated cryptocurrency markets cannot be allowed to become avenues for money laundering and the financing of terrorism.
Unregulated market
- Make an offer to fool young people with overpromising and non-transparent ads
- Probable use of cryptocurrencies for money laundering, terrorist financing
- It is an evolving technology, all cryptocurrency markets are unregulated.
Bill probably in the winter session
The government plans to introduce a bill on cryptocurrencies in the winter session of Parliament starting on November 29.
Attempts to mislead young people through overly promising and non-transparent advertising were strongly felt at the meeting, official sources said after the meeting.
โThe government is aware of the fact that this is an evolving technology and requires close monitoring and proactive steps. There was consensus that the steps taken by the government will be progressive and forward-looking, โsaid a source.
The meeting decided that the government would continue to proactively engage with experts and other stakeholders. "Since the problem transcends borders, it was felt that it would also require global partnerships and collective strategies," said the source.
The meeting discussed the way forward for cryptocurrencies and related topics.
One official said: โIt was a very complete meeting. It was also the result of a consultative process. The RBI, the Ministry of Finance and the Ministry of the Interior had conducted an elaborate exercise on the subject, as well as consulted experts from across the country and the world. Global examples and best practices were also discussed. "
Earlier today, Congress demanded a SC-led SIT to investigate the alleged multi-crore Bitcoin scam unfolding in Karnataka. The government plans to introduce a bill on cryptocurrencies in the winter session of Parliament starting on November 29.
