‘Youth should not be misled by advertisements’: meeting chaired by PM Modi
Sources said the government will also engage in a global partnership to formulate a global strategy to tackle the challenge of private, unregulated cryptocurrencies.
Reserve Bank of India (RBI) Governor Shaktikanta Das and Securities and Exchange Board of India (SEBI) Chairman Ajay Tyagi were physically present at the meeting in New Delhi. The cryptocurrency bill is expected to be introduced during the budget session of Parliament.
The meeting was the result of a consultation process between the RBI, the finance ministry and the home ministry. Sources said that the three bodies conducted detailed exercise on the issue and also consulted experts from across the country and the world.
He said global examples and best practices were also looked at.
RBI Governor Shaktikanta Das said at the Business Standard BFSI summit last week, “RBI has serious concerns about private cryptocurrencies and has suggested ways to the government to deal with it.”
The governor also expressed doubts whether the crypto platform being tied around the number and amount of users is true.
“I am not sure about the numbers being quoted by crypto platforms. With a fair amount of confidence, I can say that the number of investors in the crypto market appears to be exaggerated,” said the governor, adding that the number of cryptos in those platforms Most buyers have invested only between Rs 1,000 and Rs 3,000 anyway.
According to sources, the meeting, chaired by the Prime Minister, was comprehensive to move forward on cryptocurrency and related issues.
Government sources said, “It is strongly felt that attempts to mislead the youth through over-promising and non-transparent advertisements should be stopped.”
It was decided in the meeting that unregulated crypto markets cannot be allowed to become avenues for money laundering and terror financing.
However, the government is aware that this is an evolving technology, and hence, there is a need to keep a close watch and take proactive steps, as and when required.
Sources said it was agreed that the steps to be taken by the government would be “progressive and forward-looking”.
The government will continue to actively engage with experts and other stakeholders. And since the issue is cross-border, “it was felt that it would also require global participation and collective strategies,” the sources said.
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