After RBI’s Warning Against Cryptocurrency, PM Modi Chairs Crucial Meeting

After the Reserve Bank of India governor warned investors against digital currency, India’s Prime Minister Narendra Modi chaired a meeting on Saturday to address the concerns about the virtual currency market.

The meeting talked about making sure that the young people are not misled about digital currency through over-promising and non-transparent promises.

“It was also discussed that unregulated crypto markets cannot be let to become avenues for money laundering and terror financing,” the report said.

The government plans to closely monitor cryptocurrency as it is believed to be a quickly evolving technology. Officials have been directed to take proactive steps if any discrepancy is spotted. This was a result of a “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.

This meeting took place as RBI has adopted a staunch approach on cryptocurrencies and has labelled it as a threat to the financial stability of the country. A detailed report by the RBI’s internal panel is expected to be generated by the end of next month.

It was also decided that the Centre will also be looking forward to global partnerships in cryptocurrency-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.

RBI has also claimed that it hopes to come up with an official digital currency of its own, but there has been no confirmed plans or announcements on it yet.