India’s PM Urged Ban On Misleading Cryptocurrency Ads

India’s PM Narendra Modi held a meeting on crypto over the weekend and the officials who attended agreed that some crypto platforms are misleading for investors and there has to be a ban on these types of offerings. In our latest cryptocurrency news, we are reading more about it.

The meeting with the Prime Minister of India, came days after the Reserve Bank governor Shaktikanta Das sounded the alarm of crypto and crypto platforms. He warned investors on the potential scams and pitfalls and said that the market was a cause for concern to the macroeconomic stability of the country’s economy. Other lawmakers in the country also expressed concerns around the potential misuse of crypto for laundering money or even financing terrorism.

Despite this, however, more Indians are beginning to get on the crypto train, and also a few Bollywood actors promoted crypto in the past few months. The Indian government considered a law banning crypto and aims to find anyone that is trading in the country or holds these types of assets. However, from the meeting with India’s PM, the government also plans to be more aggressive with the measures related to crypto. The move is a departure from the attempts to restrict the use of crypto. Also, a high-profile Indian politician said that the country will introduce new laws that will welcome innovation around blockchain.

Chainalysis announced that India ranked second in the global crypto adoption index and the crypto market grew 641% over the past year. According to the local news, the meeting was on its way to solving crypto-related issues and there were some discussions about how to stop the non-transparent advertisements which are misleading to young investors. The government sources said:

“It was strongly felt that attempts to mislead the youth through over- promising & non-transparent advertising be stopped.”

RBI Governor Shaktikanta Das and Securities and Exchange Board of India chairman Ajay Tyagi also attended the meeting. During the meeting, there was a consensus that unregulated crypto markets cannot become the main spot for money laundering and terrorist financing. The government also plans to keep a close eye on crypto and the evolving technology. The officials agreed that the government will take other steps in the crypto industry and will consider global partnerships as well as strategies since the crypto problems occur outside of India as well.