The government of India is worried about the dangers associated with digital money or cryptocurrencies, it plans to take significant and forward-looking steps relating to the matter, sources told Asia News International (ANI), an Indian news agency after the Prime Minister of India, Narendra Modi, led a meeting on future of cryptocurrencies in the nation.
ANI tweeted, it was significantly felt that trials to mislead the young generation through non-transparent and over promising ads must be stopped. There was agreement also, that the steps taken towards the field of crypto and related issues by the Indian government are progressive and forward-looking.
Sources said the partaking individuals noticed the danger of unregulated markets turning into a channel for money laundering and terror financing and promised carefulness. The public authority is conscious of the way that this is advancing technology, consequently, the public authority will keep a nearby watch and make proactive strides, sources told ANI.
India Might Align with Other Nations to Regulate Crypto
India might try to fall in line with different nations to regulate crypto, the sources told ANI, which said, Since the issue cuts across individual nations’ borders, it was felt that it will likewise require worldwide associations and aggregate systems. The meeting occurred when India’s main opposition party, the Indian National Congress, moved forward its assault on the decision Bhartiya Janta Party.
The government of India has been holding on to crypto regulation bill for at least a year now. Officials have softened their stand on cryptos in few months and have approached the cryptocurrency representatives to discuss the threats and opportunities of the crypto space in a meeting scheduled for November 15.
Besides this, the governor of Reserve Bank of India (RBI), Shaktikanta Das reiterated his anti-cryptocurrency view, saying that cryptos are a serious threat to financial stability and macroeconomics of the nation.
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