Prime Minister Narendra Modi held lengthy meetings with officials of several ministries on cryptocurrency. The question is whether the trillions of cryptocurrency trades in the world will be allowed in India. In this context, it has been reported that a keynote meeting of the Ministry of Finance’s Standing Committee on Cryptocurrency has taken place.
While most members present at this meeting on cryptocurrency were not in favor of banning cryptocurrency, most members were in favor of regulating its regulation. At the same time, it was reported that some MPs present at the meeting were concerned about the high level of advertisements for cryptocurrency.
The first meeting of the Parliamentary Committee on Cryptocurrencies took place yesterday. It was agreed at the meeting that cryptocurrencies could not be completely banned. It is therefore widely agreed that it should be properly regulated. The meeting was attended by all representatives related to cryptocurrency. Members of Parliament raised concerns about protecting the interests of investors, as well as advertisements in newspapers and on TV promoting cryptocurrencies.
If investment in cryptocurrencies is not restricted, the Government of India will have no control over investments and risk using it as a fund for the drug trade and terrorist financing. Thus, there is a risk of large-scale fraud.
As the Government of India continues to consult on cryptocurrencies, some decisions are likely to be taken at the winter session. The cryptocurrency trade is worth about $ 12 trillion. Of this, the cryptocurrency Ethereum is trading at $ 550 billion and the Dogecoin at $ 34 billion.
As trade takes place in many countries of the world, investment in it has increased in India as well. So now cryptocurrency should be regulated in India as well. At the same time, economists say that money should not be invested in crypto unless it is restricted.
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