PM Modi Chairs Key Meeting On Cryptocurrency

New Delhi: The Centre flagged concerns over the use of cryptocurrency for money laundering and terror financing. The matter was taken up for discussion during a meeting chaired by Prime Minister Narendra Modi, said government sources.

“The meeting chaired by PM Modi on the way forward for cryptocurrency and related issues was also an outcome of a consultative process as RBI, finance ministry, home ministry had done an elaborate exercise on it as well as consulted experts from across the country and world,” sources were quoted as saying by news agency ANI.

The discussion was also held on unregulated crypto markets and that they cannot be allowed to become avenues for money laundering and terror financing.

“Government is cognizant of the fact that this is an evolving technology hence the government will keep a close watch and take proactive steps,” sources added.

There was also consensus in the meeting that the measures adopted by the government in the field of cryptocurrency will be “progressive” and “forward-looking.”

“Government will continue to pro-actively engage with the experts and other stakeholders. Since the issue cuts across individual countries’ borders, it was felt that it will also require global partnerships and collective strategies,” sources added.

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