Modi government is making some plans regarding cryptocurrency. A meeting on the issue was held under the chairmanship of Prime Minister Narendra Modi himself on November 13 in which the meeting followed a joint consultation process between the Reserve Bank, the Ministry of Finance and the Ministry of Home Affairs in which the ministries held discussions with experts from various countries and around the world. Discussed cryptocurrency. Now the government is in the mood to take a big decision on the issue of cryptocurrency.
According to the report, the central government is preparing to introduce a comprehensive bill on cryptocurrencies, which is likely to be introduced in the next winter session of Parliament. The next meeting of the Standing Committee on Finance on Cryptocurrencies is going to be held on 15 November. In which all its aspects will be considered. The Reserve Bank of India has already made its point before the government regarding cryptocurrency.
Let us tell you that the RBI on Friday clarified its position on digital assets, saying that it is working on this. RBI Governor Shaktikanta Das says that there is no change in RBI’s stand on virtual currency. We have great concerns about cryptocurrencies, which we have reported to the government. He said that investors also need to be very careful about digital currency. But the Indian government is not ready to take a China-like approach to cryptocurrencies. China has banned digital assets. The Indian government is in favor of a regulator on cryptocurrencies. This could mean that India does not impose a complete ban on cryptocurrencies. This will be closely monitored. The concern that the government needs to address is that such digital assets are treated as currency or investment assets. Sources believe that cryptocurrencies are unlikely to get currency status in the country. However, better tax collection can be expected if it is properly regulated.
According to the RBI, cryptocurrencies can pose a serious threat to the country’s broader economy and financial stability. The central bank has also raised doubts on their market value. RBI Governor Shaktikanta Das last Wednesday reiterated his views against allowing cryptocurrency, saying it poses a serious threat to any financial system as it is not controlled by central banks. A report by the RBI’s internal panel on cryptocurrencies is expected next month.
The meeting chaired by Prime Minister Narendra Modi on November 13 emphasized that attempts to mislead youth through non-transparent advertisements and making false promises about cryptocurrencies must be stopped. The meeting decided that the government would continue to discuss cryptocurrencies with experts and shareholders. It was also discussed in the meeting that the floating crypto market should not be allowed to become a weapon of money laundering and terror funding. The government believes that cryptocurrencies are a technology that is constantly evolving. Therefore, necessary steps will be taken to keep a close watch on it. It was agreed in the meeting that whatever steps the government would take on this issue would be progressive and forward-looking. The government will continue to interact with experts and other stakeholders in the matter.