Fun

Indian Prime Minister Modi Chairs Crypto Meeting After Consulting With RBI, Finance Ministry

News Feed - 2021-11-16 09:11:24

Indian Prime Minister Modi Chairs Crypto Meeting After Consulting With RBI, Finance Ministry


Indian Prime Minister Narendra Modi has reportedly chaired a comprehensive meeting on cryptocurrency and related issues in India. The meeting was an outcome of a consultative process involving the central bank, the Reserve Bank of India (RBI), the Ministry of Finance, and the Home Ministry. PM Modi Chairs Crypto Meeting


India’s Prime Minister Narendra Modi reportedly chaired a very comprehensive meeting on cryptocurrency and related matters Saturday. ANI News reported, citing government sources: Today’s meeting chaired by PM Narendra Modi on the way forward for cryptocurrency and related issues was a very comprehensive one.


”It was strongly felt that attempts to mislead the youth through over-promising and non-transparent advertising be stopped,” the publication added.


The meeting “was also an outcome of a consultative process as RBI [the Reserve Bank of India], Finance Ministry, and Home Ministry had done an elaborate exercise on it as well as consulted experts from across the country & world.”


In addition, the meeting discussed that unregulated crypto markets cannot be allowed to “become avenues for money laundering and terror financing,” the news outlet conveyed, adding that the government “is cognizant of the fact that this is an evolving technology hence the government will keep a close watch and take proactive steps.”


The publication further detailed: There was consensus also that the steps taken in the field of cryptocurrency and related issues by the government will be progressive and forward-looking. Government will continue to pro-actively engage with the experts and other stakeholders.


On Monday, India’s Parliamentary Standing Committee on Finance held a meeting with representatives from the crypto industry. This was India’s first-ever parliamentary discussion of the broad subject of crypto finance involving the industry.


“There was an understanding that cryptocurrency can’t be stopped but it must be regulated … There was a consensus that a regulatory mechanism should be put in place to regulate cryptocurrency,” ANI publication detailed. “Members of Parliamentary Standing Committee on Finance now want government officials to appear before them and address their concerns.”


What do you think about Prime Minister Narendra Modi chairing a comprehensive crypto meeting? Let us know in the comments section below. DOJ Selling Cryptocurrency Seized From Bitconnect Worth $56 Million REGULATION | 18 mins ago Federal Reserve Governors Don"t See Reason to Issue Central Bank Digital Currency REGULATION | 6 hours ago Tags in this story Narendra Modi, Narendra Modi bitcoin, Narendra Modi bitcoin scam, Narendra Modi crypto, Narendra Modi crypto regulation, Narendra Modi cryptocurrency, Narendra Modi finance ministry, Narendra Modi rbi


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Regulatory Roundup: Crypto Regulations Advance Despite Global Crisis, Cash Shortages, Bank Closures
Regulatory Roundup: Crypto Regulations Advance Despite Global Crisis, Cash Shortages, Bank Closures In this roundup, we cover crypto regulatory developments amid the global crisi
Zhiyuan Sun8 hours agoDiscord crypto trading bot shuts down after ‘critical exploit’The bot was valued at $16.5 million during its token debut last month.3381 Total views14 Total sharesListen to article 0:00NewsJoin
Bitcoin ‘Power Law’ sees up to 300% BTC price gains by late 2025
William Suberg14 hours agoBitcoin ‘Power Law’ sees up to 300% BTC price gains by late 2025BTC price momentum is still at least three months from returning upward, says analysis, but the outlook for the coming years s
Director of Listed Chinese Company Embezzles $8 Million, Uses Funds to Purchase Bitcoin Mining Rigs
Director of Listed Chinese Company Embezzles $8 Million, Uses Funds to Purchase Bitcoin Mining Rigs A Chinese prosecutor is reported to have given a thumbs up to the arrest of a li
Bitcoin, Ethereum Technical Analysis: BTC Slips Below $40,000 yet Again, Following Brief Rebound on Tuesday 
Bitcoin, Ethereum Technical Analysis: BTC Slips Below $40,000 yet Again, Following Brief Rebound on Tuesday  Following a brief rally on Tuesday, BTC once again dropped below the $
IMF Publishes Cryptocurrency Explainer, Saying It ‘Could Be the Next Step in the Evolution of Money’
IMF Publishes Cryptocurrency Explainer, Saying It "Could Be the Next Step in the Evolution of Money"The International Monetary Fund (IMF) has published a video explaining what crypt
Bitcoin levels to watch next as BTC price risks sub-$60K retest
William Suberg1 hour agoBitcoin levels to watch next as BTC price risks sub-$60K retestBitcoin bulls face an uphill struggle to stem selling amid worries that BTC price weakness will end up challenging levels below $60,0
Bitcoin, Ethereum Technical Analysis: ETH Remains Close to 6-Week Low to Start the Weekend
Bitcoin, Ethereum Technical Analysis: ETH Remains Close to 6-Week Low to Start the Weekend Following a recent string of declines, ETH continued to hover close to a six-week low to
Bitcoin open interest jumps $1.3B following Fed's 'dovish' minutes
Ciaran Lyons2 hours agoBitcoin open interest jumps $1.3B following Fed"s "dovish" minutesBitcoin Open Interest has jumped by over a billion following the United States Federal Reserve ‘dovish’ minutes on Aug. 21.1467
Stacks (STX) price outperforms the market as interest in layer-2 Bitcoin grows
Nancy Lubale5 hours agoStacks (STX) price outperforms the market as interest in layer-2 Bitcoin growsSTX emerges as a top performer as market participants’ interest in layer-2 Bitcoin continues to grow.542 Total views2
Researchers Uncover Bitcoin ‘Attack’ That Could Slow or Stop Lightning Payments
The bitcoin lightning network could be vulnerable to a simple and disruptive attack, according to a recent research paper. Written by Saar Tochner, Aviv Zohar, and Stefan Schmid,
US House Committee to Investigate and Hold Bipartisan Hearing on FTX Collapse
US House Committee to Investigate and Hold Bipartisan Hearing on FTX Collapse The U.S. House Financial Services Committee is planning to investigate the FTX collapse, according to