A panel is scheduled to meet with industry experts on the challenges and opportunities in the crypto-finance sector.
According to people familiar with the matter, India is planning progressive and forward-thinking measures on crypto-related issues, a move that could be the start of efforts. previous restrictions on the use of virtual currencies.
Prime Minister Narendra Modi led a review meeting on digital currency on Saturday and decided that the government will continue to actively engage with experts and other stakeholders on the developing technology, who People said, asked to remain anonymous.
A spokesman at the prime minister’s office declined to comment.
There have been calls in India to impose stricter rules on crypto transactions as the unregulated environment could push more domestic savings into the asset class and could cause a negative impact. dangerous for household savings.
India has had a hot and cold relationship with digital currencies over the past few years. In 2018, it effectively banned cryptocurrency transactions after a string of frauds following Prime Minister Modi’s abrupt decision to delist 80% of the nation’s currency, but the Supreme Court overturned it. Limited March 2020.
The Reserve Bank of India remains a critic, but is currently working on a digital currency. The government can introduce a cryptocurrency bill to the cabinet for approval.
The meeting also concluded that efforts to deceive the country’s younger generation through overly promising and opaque advertisements should be stopped, the people said. They also discussed that unregulated cryptocurrency markets should not become avenues for money laundering and terrorist financing, they said.
The meeting also looked at global examples and best practices, the people said. They emphasized that India should seek global partnerships and collective strategies in this regard, they said.
India’s parliamentary committee on finance is expected to meet with industry experts and associations on challenges and opportunities in the crypto-finance sector on Monday.
(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)
