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Prime Minister Modi conducts a high-level meeting on cryptocurrency

According to news agency ANI, which cited anonymous government sources, Prime Minister Narendra Modi chaired an important discussion today on the future of cryptocurrencies and associated issues.

The meeting comes after Reserve Bank of India (RBI) governor Shaktikanta Das issued a warning about cryptocurrencies, warning investors about the dangers of the digital money.

The conference was also the result of a consultation process, with the RBI, Finance Ministry, and Home Ministry conducting extensive research and consulting experts from around the country and the world.

Unregulated crypto market issues were discussed during the discussion, according to sources, and they must be allowed to become channels for money laundering and terror financing.

The government recognises that this is a developing technology, so it will keep a careful eye on it and take preemptive measures, according to the sources.

During the discussion, it was also agreed that the government’s actions in the area of cryptocurrency and related concerns will be progressive and forward-looking.

Sources noted that the government will continue to engage aggressively with experts and other stakeholders, adding that because the issue transcends geographical borders, global alliances and collaborative measures are expected.

The rapid improvements in the crypto industry come at a time when the crypto frenzy is still high among Indian investors, particularly retail investors.

The craze in India has risen at a feverish clip since the Supreme Court reversed the RBI’s judgement in early March 2020, thereby lifting  the ban on cryptocurrency trading in India.

Following this, on February 5, 2021, the central bank established an internal panel to develop a digital currency paradigm.

The RBI declared its intention to create an official digital currency in response to the proliferation of cryptocurrencies such as Bitcoin, which the central bank has expressed worry over.

The union government has not yet passed a cryptocurrency law and is consulting industry experts as well as receiving input from various officials and ministers.

In the wider public interest, the government may wish to impose strict controls on cryptocurrency trading in India after numerous rounds of caution.

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