Prime Minister Narendra Modi on Saturday chaired a high-level meeting on cryptocurrencies and other related issues. Officials from the Reserve Bank of India (RBI), the Finance Ministry and the Securities and Exchange Board of India (SEBI) were also a part of the meeting. 

The meeting was an outcome of a consultative process as RBI, Finance Ministry and Home Ministry had already done an elaborate exercise on it as well as consulted experts from across the country and the world. Global examples and best practices were also looked at, government sources said. 

During the meeting, it was strongly felt that attempts to mislead the youth through over-promising and non-transparent advertising should be stopped. Besides, it was also discussed that unregulated crypto markets cannot be allowed to become avenues for money laundering and terror financing, the sources said. 

The government was cognizant of the fact that this was an evolving technology and would keep a close watch and take proactive steps. There was also a consensus in the meeting that the steps taken in this field by the government should be progressive and forward looking, the sources added. 

“Since the issue cuts across individual countries’ borders, it was felt that it will also require global partnerships and collective strategies,” the sources said, adding that the government would continue to engage proactively with experts and other stakeholders on the issue.