Modi chairs crucial meeting after RBI’s warning on cryptocurrency

November 20, 2021

Modi chairs crucial meeting after RBI’s warning on cryptocurrency

India‚Äôs Prime Minister Narendra Modi chaired a meeting on 13th of November to address the concerns about the virtual currency market. The meeting touched upon points on ensuring that young people are not misled about cryptocurrency through over-promising and non-transparent promises. “It was also discussed that unregulated crypto markets cannot be allowed to become avenues for money laundering and terror financing,” the report said.

The meeting was scheduled right after RBI warned against digital currencies. The centre aims to closely monitor the digital currencies as it’s a swift evolving technology. Officials have been assigned to take proactive measures if any disparity is spotted. This was due to “consultative process as RBI, finance ministry, the home ministry had done an elaborate exercise on it as well as consulted experts from across the country and the world,” sources who know about the matter told news agencies.

Reportedly the centre will also be looking forward to global partnerships in digital currency-related issues. “Since the issue cuts across individual countries’ borders, it was felt that it will also require global partnerships and collective strategies,” sources added.

A detailed report by the RBI’s internal panel is expected to be generated by the end of next month.

Source: WION News

Image courtesy PxHere

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