Concerns about Crypto Money Laundering, Terrorist Financing and the Meeting of Presidents of Prime Ministers

The RBI has repeatedly expressed its point of view against cryptocurrencies. (Representative)

Strong points

  • It comes amid concerns over claims of huge returns on crypto investment
  • The need to stop attempts to mislead young people has been discussed, sources said
  • The RBI has repeatedly expressed its point of view against cryptocurrencies

New Delhi:

Prime Minister Narendra Modi today chaired a key meeting on the way forward for cryptocurrency, government sources said amid concerns over misleading claims of huge returns on cryptocurrency investment. The issues of unregulated crypto markets and the fact that they cannot become avenues for “money laundering and terrorist financing” were discussed at the meeting, they said.

The need to stop attempts to mislead young people with “overly promising and non-transparent advertising” was also raised during the meeting, they added.

“It was also the result of a consultative process as the RBI, the Ministry of Finance, the Home Office had done an elaborate exercise on this as well as consulted with experts from across the country and the world. Global examples and best practices were also discussed, ”he added. source added.

The RBI has repeatedly expressed its view against cryptocurrencies, claiming that they pose a serious threat to the country’s macroeconomic and financial stability. RBI Governor Shaktikanta Das reiterated his views against the authorization of cryptocurrencies on Wednesday, saying they pose a serious threat to any financial system because they are not regulated by central banks.

“The government is aware that this is an evolving technology, so it will closely monitor and take proactive measures. There was also a consensus that the measures taken in this area by the government will be progressive and forward-looking, ”they said. noted.

The meeting comes on the day Congress alleged a multi-crore Bitcoin scam and cover-up by the BJP government in Karnataka and demanded that an independent investigation be conducted into the matter.

Addressing a press conference, Congress Secretary General and Chief Spokesman Randeep Surjewala asked what was the role of Karnataka Chief Minister Basavaraj Bommai, who was state interior minister when the scam took place.

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