coinquora.com
Once again, cryptocurrency became a hot topic in India as Prime Minister Narendra Modi chaired a meeting last Saturday about crypto-assets and their misleading issues. In detail, the meeting focused on the unregulated markets that cannot be allowed to become an avenue for money laundering and terror financing.
In response to these issues about fraud and terrorism, the government pledges to engage with people specializing in these fields proactively. Meanwhile, the authorities also want to stop the over-promising and non-transparent advertising of digital assets in the country. This vision is made to prevent fraud from damaging the people of India, especially the youth.
The government is cognisant of the fact that this is an evolving technology, it will keep a close watch and take proactive steps. There was also consensus that the steps taken in this field by the government will be progressive and forward looking.
Moreover, India has been known to have a roller-coaster relationship with cryptocurrency. In the past month, news spread like wildfire when the Reserve Bank of India (RBI) stopped banks and other financial firms from engaging with cryptocurrencies due to its financial instability. However, on March 4, 2021, the Supreme Court of India set aside the RBI rules in the past months.
Regardless, the crypto space today keeps moving towards a greener path. In fact, the total market cap of the whole crypto space amounts to over $3 trillion. This is all thanks to Bitcoin and other cryptocurrencies that play a big role in this market surge.