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PM Modi has a meeting on cryptocurrency, with concerns about money laundering and terrorism financing being raised.

Prime Minister Narendra Modi chaired a meeting on the way forward on the issue on Saturday, amid concerns about misleading claims of huge returns on cryptocurrency investments, with government sources asserting that such unregulated markets cannot be allowed to become avenues for "money laundering and terror financing."

Prime Minister Narendra Modi warns that Bitcoin may “spoil” young Indians and calls for international cooperation.

During a virtual keynote address at the Sydney Dialogue, Prime Minister Narendra Modi stressed that cryptocurrencies must not fall into the "wrong hands and corrupt our children," and encouraged all democratic nations to work together to prevent this from happening. "We are in the midst of a transition," says the author. The Prime Minister stressed the importance of the Digital Age, which "occurs just once in a generation, when technology and data are becoming new weapons," during a conference organized by the Australian Strategic Policy Institute.

The government is considering a panel report on cryptocurrency bans.

The Narendra Modi administration is still reviewing the Inter-Ministerial Committee (IMC) recommendation on banning cryptocurrencies and allowing the Reserve Bank of India's digital currency, according to the union finance ministry in the Lok Sabha on Monday (RBI).
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