Indian government meets to discuss future of cryptocurrency
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Answer Indian government meets to discuss future of cryptocurrency
The Indian government has put in place a plan to stop all forms of misinformation and false promises, many sources have told.
The news broke after India’s Press Trust reported that Prime Minister Narendra Modi chaired a meeting with other stakeholders, on the way forward for cryptocurrency on November 13.
Indian government stops misleading ads related to cryptocurrency:
According to official sources, the Indian government is actively opposing the notion that crypto-based companies, and all other crypto-related organizations, are exploiting fake advertisements.
The last meeting chaired by Prime Minister Narendra Modi decided that this should stop happening immediately.
This meeting is taking place at a time when the Ministry of Finance is currently working on a well-detailed bill to regulate cryptocurrency, investors and trading platforms by the winter session of Parliament.
Read:How do cryptocurrency exchanges manipulate trading volumes?
Meanwhile, the Parliamentary Standing on Financial Affairs will also meet with stakeholders from the crypto ecosystem on November 15 to get their views.
MP Lok Sabha Jayant Sinha will preside over all opinions shared during the Prime Minister’s meeting as well as those required in the Parliamentary Committee session, which will directly influence the final draft of the rule to be introduced in Parliament.
It is clear that the Reserve Bank of India, the Ministry of Finance and the Ministry of Home Affairs have done their part in discovering digital currencies, according to the aforementioned source.
Not only that, but they also consulted the opinions of expert analysts from across the country and around the world as well.
Another main point discussed was the fact that cryptocurrency markets would not be allowed to become routes for money laundering and terrorist financing.
The sources said the Indian government will monitor the industry closely and take proactive steps to regulate it.
Mixed reactions to the meeting:
So far, it may seem that people are not very impressed with the recently revealed regulations and scrutiny around cryptocurrencies, as evidenced by some of the responses and posts on Twitter.
Read:Why was Bitcoin used instead of Monero in the recent Twitter hack
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