The Prime Minister Narendra Modi today chaired an important meeting regarding cryptocurrencies and other concerns of the same.
Recently, Reserve Bank of India (RBI) governor Shaktikanta Das raised an alarm on cryptocurrencies and cautioned the investors on the potential downfalls on the same. He said that the digital currencies are a very serious concern for the macro economy and financial stability.
The meeting conducted was comprehensive and there were discussions regarding putting a stop to the misleading advertisements for the young investors. Talking to the media, sources informed that the members of the meeting discussed unregulated crypto market issues and how they cannot let those become new avenues for money laundering and terror funding.
Sources further informed that the government is well aware of the evolving technology in the field across the world and in India. Following the same, they have decided to keep a close watch on it and take active measures to regulate it.
The meeting also showed consensus on the need for the government to take progressive steps into the field of cryptocurrency in days coming ahead. Since the issues goes beyond the borders, government realized that they would require global partnerships and collective strategies.