Indian Government Meet To Discuss The Future of Cryptocurrency, But The Public Might Not Be Having It

According to government sources, the Indian government presently feels strongly against the idea that crypto-based companies, exchanges, and all other crypto-related organizations, are not being entirely honest with their advertisements, tagging the adverts as  “over-promise and not transparent”. The meeting, which was chaired by Prime Minister Narendra Modi, then decided on the need to immediately stop these from happening henceforth.

This meeting is happening at a time when the Finance Ministry is presently working on a well-detailed bill to regulate cryptocurrencies, investors and exchanges by the winter session of Parliament.

Just like Moneycontrol reported earlier, although it is not very likely that private cryptocurrencies will be approved as legal tender, but then, they may be allowed as assets in which people can make their investments.

Meanwhile, the Parliamentary Standing Committee on Finance will also be meeting with stakeholders from the cryptocutrrency ecosystem on November 15 to seek their opinions. This will be headed by Lok Sabha MP Jayant Sinha.

All opinions shared during the course of the PM’s meeting as well as those sought in the parliamentary panel sitting will directly influence the final draft rule to be tabled at the Parliament.

According to the sources again, the Reserve Bank of India, Finance Ministry and Home Ministry have obviously all done their homework in finding out about digital currencies. Not only that, they also consulted the opinions of expert analysts from all over the country and around the globe as well.

Another major point discussed was the fact that crypto markets will not be allowed to become avenues for money laundering & terror funding. Hence the Indian government will keep a close eye on the industry, and take proactive steps to regulate it, the sources said.

Mixed Reactions About The Meeting

So far, it may just seem that the people are not so impressed with the recently unfolding regulations and scrutiny around cryptocurrency, as made evident by some responses to the post by PTI.  A ms_rana tweeted about the focus on crypto being that the government do not have thier priorities in the right places. She wrote;

LOL !!! China has constructed village inside Arunachal Pradesh but Emperor is focused on cryptocurrency. Shows their priority.

Another user identified as @ever_stronger replied asked that the government focus on other important matters that are really misleading the youths. The post reads;

First ban betting apps & vulgar apps.
Many people getting affected by this greed & lust.