The Indian government is taking proactive steps to regulate cryptocurrency, says report

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According to people involved with the matter, India is considering progressive and forward-looking measures on cryptocurrencies. A move that could be a change from its previous attempts to restrict the usage of virtual coins.

Leader Narendra Modi drove an audit meeting on the digital currency on Saturday. And it was concluded that the public authority will proceed to proactively engage with specialists and other stakeholders on the developing innovation, individuals said, asking not to be recognized. 

A representative at the prime minister’s offices declined to remark.

There have been proposals in India to adopt strict laws for virtual coin transactions, arguing that an unregulated environment could drive more domestic savings into the asset class, putting household savings at risk.

In recent years, India has had a poor relationship with digital currencies. It effectively prohibited crypto transactions in 2018 after a string of frauds followed Modi’s abrupt move to abolish 80% of the country’s currency. However the Supreme Court struck down the restriction in March 2020.

The Reserve Bank of India stays a critic, yet is presently working on digital currency. The public authority might get a crypto bill for the cabinet’s approval.

The people also agreed that attempts to mislead the country’s younger generation through over-promising and non-transparent advertising should be stopped. They also agreed that unregulated crypto markets should not be permitted to become avenues for money laundering and terror financing.

According to the sources, the gathering also discussed global examples and best practises. The importance of India seeking global collaborations and collective strategies on the issue was emphasised, they said.

On Monday, India’s parliamentary panel on finance will meet with industry professionals and associations to discuss the challenges and opportunities in crypto money.

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