Government Plans Progressive Steps for Digital Currencies in India:

Government Plans Progressive Steps for Digital Currencies in India:

India is planning progressive and forward-looking measures on issues related to cryptocurrencies, a move that could be a departure from its earlier efforts to restrict the use of virtual coins, according to people familiar with the matter.

Prime Minister Narendra Modi’s review meeting on digital currency on Saturday, and it was decided that the government would continue to actively engage with experts and other stakeholders on the evolving technology, the people said, asking not to be identified.

A spokesman for the Prime Minister’s Office declined to comment.

There has been a demand to introduce stricter rules for transactions in virtual coins in India as an unregulated environment can push household savings towards the asset class and put household savings at risk.

India has had hot and cold relations with digital currencies over the years. In 2018, it effectively banned crypto transactions following a string of frauds following Modi’s abrupt decision to liquidate 80% of the country’s currencies, but the Supreme Court lifted the ban in March 2020.

The Reserve Bank of India remains a critic, but is now working on a digital currency. The government may bring the crypto bill for cabinet approval.

People said that the meeting also concluded that attempts to mislead the young generation of the country through over-promising and non-transparent advertisements should be stopped. It was also discussed that unregulated crypto markets cannot be allowed to become a vehicle for money laundering and terror financing, he added.

People said that global examples and best practices were also considered in the meeting. He said it was highlighted that India should seek global partnership and collective strategy on this issue.

India’s Parliamentary Panel on Finance is scheduled to meet industry experts and associations on Monday on the challenges and opportunities in crypto finance.

(With the help of Vibhudatta Pradhan.)

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