MUMBAI, Nov 13 – India’s Prime Minister Narendra Modi has chaired a meeting to discuss the future of cryptocurrencies, sources said on Saturday, amid reports the government is considering modifying a bill that would have led to a ban.
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“It was strongly felt that attempts to mislead the youth through over-promising and non-transparent advertising be stopped,” a government source said.
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“It was also discussed that unregulated crypto markets cannot be let to become avenues for money laundering and terror financing.”
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India’s government said in March it was considering a ban on cryptocurrencies, with fines for anyone trading in the country or even holding such digital assets.
It has since held a consultation process involving the Reserve Bank of India, the finance and home ministries and international experts.
Reserve Bank of India governor Shaktikanta Das this week said cryptocurrencies are a serious concern from a macro economic and financial stability point of view.
A bill to regulate cryptocurrencies that stops short of a complete ban will come up in the winter session of Parliament, which starts later this month, according to reports.
India’s digital currency market was worth $6.6 billion in May 2021, compared with $923 million in April 2020, according to blockchain data platform Chainalysis.Reporting by Swati Bhat; Editing by Mike Harrison
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REUTERS
NOVEMBER 13, 2021
Categories: India News
