PM Modi chairs high-level meeting on cryptocurrency, days after RBI alarm

New Delhi: Days after RBI governor’s warning on digital currency, Prime Minister Narendra Modi on Saturday chaired a crucial meeting on the cryptocurrency and many related issues.

The meeting comes days after RBI governor Shaktikant Das sounded an alarm over the cryptocurrency and cautioned investors on the potential pitfalls of digital currency.

According to reports, several issues were discussed in the meeting including mushrooming of several crypto currency & coins and preventing youngsters from falling into its trap.

Prior to this, the Home Ministry had also conducted an elaborate exercise on the best practices of digital currency and consulted experts on its regulation.

A look at what was discussed at meet:

A lot many issues were brainstormed at the meeting. According to sources, below points were highlighted and discussed upon:

# It was strongly felt that attempts to mislead the youth through over- promising & non-transparent advertising be stopped.

# It was also discussed that unregulated crypto markets cannot be let to become avenues for money laundering & terror financing.

# Government is cognizant of the fact that this is an evolving technology hence the government 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 & forward looking.

# Government will continue to pro-actively engage with the experts and other stakeholders.

# Since the issue cuts across individual countries’ borders, it was felt that it will also require global partnerships and collective strategies.