Cryptocurrency laws coming in India? PM Modi shares (5 points)
There was also a discussion that the unregulated crypto market should not be a vehicle for money laundering and terrorist financing.
The AI Story 
Prime Minister Narendra Modi took action on the issue by holding a meeting on Saturday, highlighting the misleading and opaque issue of cryptocurrency advertising, a government source said, saying that these unregulated markets are "money laundering and terrorism." It should not be a conduit for "financing". ..
The source strongly expressed the opinion at the meeting that attempts to mislead young people with over-promising and opaque advertisements should be stopped, suggesting that drastic regulatory action would soon be taken, the source said.
“Government recognizes that this is an evolving technology, and will closely monitor and take proactive action. There was also consensus that the measures taken by the government in this area would be progressive and promising,” the source said.
"The government felt that global partnerships and collective strategies were also needed as the matter transcended geographic boundaries," the source added. "The government will continue to actively engage with experts and other stakeholders." The conference dedicated to the further development of cryptocurrencies and related issues was very comprehensive.
“This was also the result of a consultation process in which the RBI, the Ministry of Finance, and the Ministry of the Interior worked in detail on this issue and consulted with experts from all over the country and around the world. World examples and best practices were also considered,” the source said.
The RBI has repeatedly reiterated its firm stance on cryptocurrencies, arguing that they pose a serious threat to the country's macroeconomic and financial stability, questioning the number of investors trading cryptocurrencies and their stated market value.
RBI Governor Shakhticanta Das reaffirmed his opposition to allowing the use of cryptocurrencies, saying on Wednesday that cryptocurrencies pose a serious threat to the entire financial system as they are not regulated by central banks.
His remarks came ahead of an RBI internal team report on a controversial topic expected next month. In early March 2020, the Supreme Court invalidated the RBI circular banning cryptocurrencies.
Accordingly, on February 5, 2021, the Central Bank established an internal committee to propose a central bank digital currency model. In preparation for the spread of cryptocurrencies such as Bitcoin, which the central bank was concerned about, the RBI announced that it would issue an official digital currency.
