New Delhi: The center on Saturday raises worries over the use of cryptocurrency for money laundering and terror financing.
This issue was discussed during a meeting chaired by Prime Minister Narendra Modi on the way ahead for Cryptocurrency and related issues, government sources said.
During the meeting, highlighted that efforts to mislead youth through overpromising and non-transparent advertisements about cryptocurrency need to be stopped.
“The meeting chaired by PM Modi on the way to the future for Cryptocurrency and related problems is also the result of the consultative process as RBI, the Ministry of Finance, the Ministry of Finance has conducted complicated exercises on it and experts consult from all countries and the world,” news agency Ani quoted the source said.
Also discussed that the Crypto market which is not regulated cannot be permitted to be a way for money laundering and terror financing.
“The government is aware of the fact that this is a developing technology, the government will maintain a close watch and take proactive steps,” he added.
In the meeting, there was also a consensus that the steps taken in the field of Cryptocurrency by the government would be “progressive” and “forward insight.” “The government will continue pro-actively involved with experts and other stakeholders.
Because the problem is cut on the border of individual countries, it is felt that it will also require global partnerships and collective strategies,” he said.
RBI has repeatedly reaffirmed its strong view of the cryptocurrency which said they pose a serious threat to the stability of macroeconomic and state finances and also doubts the number of investors trading with their market value.
RBI Governor Shaktikanta Das on Wednesday has repeated his views so as not to allow Cryptocurrency to say they are a serious threat to any financial system because they are not regulated by the central bank.
His comment came before the RBI internal panel report on the expected topic that was expected next month.
(With agency input)