India planning progressive, forward looking measures on cryptocurrency

New Delhi, Nov 15: Prime Minister Narendra Modi led a review meeting on the cryptocurrency on Saturday where it was decided that the government will continue to proactively engage with the experts and stakeholders on the technology.

India is planning progressive and forward looking measures related to cryptocurrencies. This is a move that is a departure from India's earlier attempt to restrict the use of virtual coins.

In 2018 India had effectively banned crypto transactions after several frauds were reported. The Reserve Bank of India remains critical of the new technology, but is now working on a digital currency. The government according to reports may bring a bill for crypto.

During the meeting it was also discussed that attempts should not be made to misguide the youth by over promising and non-transparent advertisements should be stopped. Further it was also said that unregulated crypto markers cannot be allowed to become avenues for month laundering and terror financing.

Meanwhile a parliamentary committee on finance will hold a meeting today with the top stakeholders of the crypto industry. The meeting will be a closed door one and will have participants from the top crypto exchanges, members of the Blockchain Assets Council among others.

This is the first time that the committee has invited industry stakeholders to formally have a discussion on the issue. The meeting comes just days after Prime Minister, Narendra Modi held discussions on the way forward for cryptocurrency over its misleading claims of huge investment returns.

PTI reported on Saturday that the government made a consensus that attempts to mislead the youth through over-promising and non-transparent advertising have to be stopped. The government is cognizant of the fact that this is an evolving technology, it will keep a close watch and take proactive steps. There was also consensus that the steps taken in this field by the government will be progressive and forward-looking, PTI also reported.