Indian authorities will “take active measures” against cryptocurrencies

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Indian Prime Minister Narendra Modi held a meeting with regulators on the further development of the crypto industry in the country.

The meeting took place after the Reserve Bank of India, the Ministry of Finance and the Ministry of the Interior completed their own consultations with cryptocurrency experts. During the conversation, the chief executive of India once again listened to the concerns of ministers and regulators about the risks associated with money laundering and terrorist financing. The meeting discussed ways to stop opaque and promising advertisements that mislead young investors.

Government
made a decision “Monitor closely and take active action” in relation to this “evolving technology.” At the meeting, a consensus was reached that the steps taken in the field of cryptocurrencies and related issues will be calculated for the future. As a result of the discussion, the meeting participants came to the conclusion that the problem is global in nature and “crosses the borders of individual countries”, therefore, “global partnership and collective strategies” are needed.

According to the notice from Secretary Lok Sabha, the Parliamentary Standing Committee on Finance is planning to hold a conference with stakeholders in cryptocurrency regulation on November 15.

As business experts on cryptocurrencies, the Blockchain and Cryptoasset Council (BACC) includes CoinSwitch Kuber founder Ashish Singhal and CoinDCX CEO Sumit Gupta, as well as representatives from the Internet and Mobile Communications Association. [IAMAI].

As a reminder, the Ministry of Finance and the Reserve Bank of India (RBI) are currently developing a regulatory framework for regulating cryptocurrencies. The bill can be passed in February next year.

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