Crypto adoption the next big step for Indian government

The rapid rise in crypto adoption across the globe is something to admire. The country with the biggest number of crypto investors, India, just crossed the 100 million mark. With so many investors, the regulatory uncertainty regarding blockchain-based tokens is not doing any good. As mentioned in a previous report by TheCoinRise, Indian authorities are ready to discuss crypto-related policies.

As a result, the Prime Minister of the nation, Narendra Modi, decided to sit down in a room with the lawmakers and discuss crypto adoption. An Indian media outlet, Asia News International (ANI) took to Twitter to announce the key takeaways from the discussion. The media outlet mentioned that the discussion on “cryptocurrency & related issues was a very comprehensive one.”

“It was strongly felt that attempts to mislead the youth through over promising & non-transparent advertising be stopped,” said ANI via a tweet.

‘Progressive’ stance on crypto adoption

As per ANI tweets, the government took a consultation from the Reserve Bank of India, the Finance Ministry, the Home Ministry, and other prominent experts from the private sector. There was a long discussion on cryptocurrencies and also involved experts from across the nation on crypto adoption.

The government plans to stop the soliciting of crypto services through which people are getting scammed. Since the technology is currently in the initial phase, the government plans to regulate the crypto market for a safer experience. 

“It was also discussed that unregulated crypto markets cannot be let to become avenues for money laundering & terror financing,” said ANI.

To summarize the discussion, the source for ANI said that the meeting was “progressive & forward-looking” and optimistic for crypto investors. It looks like India will turn into a hub for crypto-related projects in the near future. Furthermore, the government is planning to open lines of communication with other countries regarding crypto adoption. 

“Since the issue cuts across individual countries’ borders, it was felt that it will also require global partnerships and collective strategies,” added ANI in their tweets.