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Source: The Indian government will take "progressive" regulatory measures on cryptocurrencies

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Aliens

Sun, Nov 14, 2021

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The source told Asia News International (ANI) that although the Indian government recognizes the risks associated with cryptocurrency, it plans to take action. Indian Prime Minister Narendra Modi hosted a conference on the future of cryptocurrency in India. "Progressive" and "forward-looking" steps. ANI wrote on Twitter: "It was strongly felt that attempts to mislead the youth through over promising & non-transparent advertising be stopped. There was consensus also that the steps taken in the field of cryptocurrency & related issues by the Govt will be progressive & forward-looking." According to the source, the participants noted the risks of unregulated markets becoming channels for money laundering and terrorist financing and vowed to remain vigilant. The government recognizes that this is a constantly evolving technology, so it pays close attention and takes active measures. India may seek alliances with other countries/entities to regulate cryptocurrencies. At the meeting, India's main opposition party, the National Congress of India, stepped up its attack on the ruling Bharatiya Janata Party, saying that the party helped cover up a Bitcoin scam in Karnataka.

Earlier news, the Standing Committee on Finance of the Indian Parliament recently issued a notice aimed at the country's cryptocurrency participants and is scheduled to hold a conference on "Listening to Associations and Industry Experts' Views on the Theme of 'Crypto Finance': Opportunities and Challenges" on November 15. The meeting may listen to the opinions of cryptocurrency stakeholders. However, there is a major development because the government did not list any relevant formal meetings before this notice.

Source: CoinDesk

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