India takes a 'progressive' step towards crypto adoption
India is the home to more than 100 million cryptocurrency investors, and the country's regulatory stance on these blockchain-based assets is something that the entire world wants to know. The Prime Minister of the nation, Narendra Modi, chaired an important session regarding the future of crypto in the nation.
India is all set for crypto adoption
The government of the nation is planning to adopt cryptocurrencies in the most positive way possible. According to a tweet by an Indian news agency, Asia News International (ANI), the meeting which PM Modi spearheaded "was a very comprehensive one." The meeting ended with a solid conclusion that "attempts to mislead the youth through over promising & non-transparent advertising" is gradually slowing down."There was consensus also that the steps taken in the field of cryptocurrency & related issues by the Govt will be progressive & forward-looking. Govt will continue to pro-actively engage with the experts and other stakeholders," said ANI in another tweet.While India is yet to declare any bill or regulation law against crypto, the report by ANI seems positive for investors. The experts in the meeting stressed the usage of crypto in the practice of money laundering and terror financing. Also, the government "is cognizant of the fact that this is an evolving technology hence the government will keep a close watch and take proactive steps," ANI revealed.
Furthermore, the government of India will partner with other countries and strike partnerships to form collective strategies for countering scams and money laundering activities prevalent in the crypto industry. The government consulted the Reserve Bank of India, the Home Ministry, and the Finance Ministry on the matter. Experts were asked for their inputs from India as well as from abroad.
The Governor of the RBI, Shaktikanta Das, doesn't share this optimistic view when it comes to cryptocurrencies. He feels that these blockchain-based assets are a tremendous threat to the stability and financial independence of the nation.
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