In a clear indication that the Centre is on the verge of formulating a long-term digital currency strategy, Prime Minister Narendra Modi on Saturday chaired a comprehensive meeting on the way forward for cryptocurrency and related issues.
Top sources after the meeting said that the first regulatory measures the government could initiate after the PM’s review would be against two deficiencies that go with the popularity of cryptocurrencies over-promising and lack of transparency.
This would involve putting legal curbs against misleading and non-transparent advertising. It was strongly felt in the meeting that attempts to mislead the youth through over-promising and non-transparent advertising should be stopped, the sources said, signalling that strong regulatory steps are in the offing.
“The government is cognizant of the fact that this is an evolving technology, it will keep a close watch and take proactive steps. There was consensus also that the steps taken in this field by the government will be progressive and forward looking,” a source said.
The government will continue to proactively engage with experts and other stakeholders, sources added, noting that since the issue cuts across geographical borders, it was felt that it will also require global partnerships and collective strategies.
The meeting on the way forward for cryptocurrency and related issues was a very comprehensive one. “It 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 the world. Global examples and best practices were also looked at,” the source said.
The RBI has repeatedly reiterated its strong views against cryptocurrencies saying they pose serious threats to the macroeconomic and financial stability of the country and also doubted the number of investors trading on them as well their claimed market value.
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