Crypto Money Laundering, Terrorist Financing, and PM Presidents Concerns Meet

The RBI has repeatedly voiced its views against cryptocurrencies. (Figurative)

New Delhi:

Prime Minister Narendra Modi today chaired a key meeting on the way forward for cryptocurrencies, government sources said amid concerns over misleading claims of huge returns on investing in cryptocurrencies. The issue of unregulated cryptocurrency markets and that they cannot be allowed to become avenues of “money laundering and terrorist financing” was discussed at the meeting, they said.

The need to stop attempts to mislead young people through “overly promising and non-transparent advertising” was also mentioned at the meeting, they added.

“It was also the result of a consultative process in which the RBI, the Ministry of Finance and the Ministry of the Interior had carried out a detailed exercise in this regard, as well as consulted experts from all over the country and the world. Examples were also analyzed. global and best practices, “he added. added font.

The RBI has repeatedly voiced its views against cryptocurrencies saying they are a serious threat to the country’s macroeconomic and financial stability. RBI Governor Shaktikanta Das reiterated on Wednesday his views against allowing cryptocurrencies saying they are a serious threat to any financial system as they are not regulated by central banks.

“The government is aware of the fact that it is an evolving technology, therefore, it will keep a close watch and take proactive measures. There was also consensus that the measures taken in this field by the government will be progressive and visionary. future “, affirm the sources. said.

The meeting comes on the day that Congress alleged a multi-crore Bitcoin scam and cover-up by the BJP government in Karnataka and demanded that an independent investigation be conducted into the matter.

At a press conference, Congress Secretary General and Chief Speaker Randeep Surjewala asked what was the role of Karnataka’s Chief Minister Basavaraj Bommai, who was the state’s Interior Minister when the scam occurred.

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