PM Modi Chairs High-Level Meeting On Cryptocurrency & Its Linkage To Money Laundering, Terror Financing: Sources

| Updated: 13 November, 2021 9:16 pm IST

FILE PIC/PM Narendra Modi

NEW DELHI: Prime Minister Narendra Modi on Saturday chaired a comprehensive meeting on the way forward for cryptocurrency and related issues, government sources told The New Indian.

The meeting comes after RBI again expressed its strong views against cryptocurrencies saying they pose serious threats to the macroeconomic and financial stability of the country as they are unregulated by central banks. ALSO READ: Colonel, Wife & 8-Year-Old Son Among 7 Killed In A Cowardly Militant Attack in Manipur

“It was also an outcome of a consultative process as RBI, Finance Ministry, Home Ministry had done an elaborate exercise on it as well as consulted experts from across the country and the world. Global examples and best practices were also looked at,” sources said.

They said it was strongly felt that attempts to mislead the youth through over- promising & non-transparent advertising be stopped.

It was also discussed that unregulated crypto markets cannot be let to become avenues for money laundering & terror financing

Sources said the Government is aware of the fact that this is an evolving technology hence the government will keep a close watch and take proactive steps. “There was consensus also that the steps taken in this field by the Government will be progressive & forward looking.”

Government will continue to pro-actively engage with the experts and other stakeholders. “Since the issue cuts across individual countries’ borders, it was felt that it will also require global partnerships and collective strategies,” the sources added.