PM chairs high level meet on ‘crypto-currency’, Worries malicious use

Prime Minister Narendra Modi Chaired a meeting on Cryptocurrency. Amid the rising concerns of Heavy Investments in the currency.

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New Delhi: On 13th November, Prime Minister Narendra Modi Chaired a meeting on Cryptocurrency. Amid the rising concerns of Heavy Investments in the currency. 

According to the media reports, such unregulated markets like cryptos cannot be permitted as they may become avenues for “money laundering and terror financing”. 

The govt. however, looks to allow crypto markets with regulations. According to sources, the government is aware of the fact that this is an evolving technology. But, it prefers to keep a close watch. The meeting participants also agreed, The steps taken will be mutually agreed upon and beneficial for everyone.

Earlier, RBI governor Shakti Kant Das retaliated against cryptocurrencies and cited them as a major threat. According to him, allowing cryptocurrencies will be a serious threat to every financial system as they are unregulated by any central bank.

The Random rise of crypto-currency among Indian investors, especially the retail ones has risen in recent times during the lockdown. 
Earlier the RBI banned the use of cryptocurrency in India. In March 2020, The Supreme Court reverted the RBI’s order. Leading the craze to invest boom in the market.
The RBI has already intended to come out with an official digital currency of India, for this committee is already settled up. 

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