Amid concerns of crypto misuse for terror ops, PM chairs meeting

Tribune News Service

New Delhi, November 13

Amid concerns over the expanding cryptocurrency market, PM Narendra Modi on Saturday chaired a high-level meeting which concluded that unregulated crypto markets can’t be allowed to become avenues for money laundering and terror financing.

Unregulated market

• Bid to mislead youth by over-promising, non-transparent ads
• Likely use of crypto for money laundering, terror financing
• It’s evolving technology, all crypto markets are unregulated

Bill likely in winter session

The government is planning to introduce a Bill on cryptocurrency in winter session of Parliament starting November 29

It was strongly felt at the meeting that attempts to mislead the youth through over-promising and non-transparent advertising be stopped, official sources said after the meeting.

“The government is cognisant of the fact that this is an evolving technology and requires a close watch and proactive steps. There was a consensus that steps taken by the government will be progressive and forward-looking,” said a source.

The meeting decided that the government would continue to proactively engage with experts and other stakeholders. “Since the issue cuts across borders, it was felt that it would also require global partnerships and collective strategies,” the source said.

The meeting discussed the way forward for cryptocurrencies and related issues.

An official said, “It was a very comprehensive meeting. It was also an outcome of a consultative process. The RBI, Finance Ministry and Home Ministry had undertaken an elaborate exercise on the issue as well as consulted experts from across the country and world. Global examples and best practices were also looked at.”

Earlier today, the Congress demanded an SC-led SIT to probe the alleged multi-crore Bitcoin scam unfolding in Karnataka. The government is planning to introduce a Bill on cryptocurrency in the winter session of Parliament starting November 29.