India will engage with experts and other stakeholders on crypto technology after Prime Minister Narendra Modi holds review meeting.
Prime Minister Narendra Modi led a review meeting on the cryptocurrency on Saturday where it was decided that the government will continue to proactively engage with the experts and stakeholders on the technology.
India is planning progressive and forward-looking measures on issues related to cryptocurrencies, a move that could be a departure from its earlier attempts to restrict the use of virtual coins, according to people familiar with the matter.
At the meeting, sources said, concerns were raised over what was seen as “attempts to mislead the youth through over-promising” and “non-transparent advertising.” Sources said the meeting was an outcome of a consultative process, with the Reserve Bank of India, Finance Ministry and Home Ministry having sounded out “experts from across the country and the world”.
The Reserve Bank of India remains a critic, but is now working on a digital currency. The government may bring in a crypto bill for the cabinet’s approval.
The meeting also concluded that attempts to mislead the country’s younger generation through over-promising and non-transparent advertisements should be stopped, the people said. It was also discussed that unregulated crypto markets cannot be allowed to become avenues for money laundering and terror financing, they said.
It was also discussed that unregulated cryptomarkets cannot be allowed to become avenues for money laundering and terror financing, as well as meeting considered global examples and best practices. India’s parliamentary panel on finance is scheduled to meet industry experts and associations on challenges and opportunities in crypto finance on Monday.
And to finish with, India’s securities regulator approving a crypto-related ETF is a positive sign for Indian crypto investors. The country’s youth have been extremely enthusiastic about the crypto market, and the investments continue strong despite this lack of a position by the government. India’s market has grown by a staggering 640% in the past 12 or so months.
