Centre preparing to tighten the noose on cryptocurrency; Parliament committee to discuss this today after PM's meeting

The government has now started showing proactiveness regarding the growing trend of investing in cryptocurrencies in the country. Parliament's Standing Committee on Finance has invited industry players related to cryptocurrency for this at 3 PM today.

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The committee will discuss all important issues related to cryptocurrencies. The central government may soon step in on clamping down on illegally operating crypto exchanges in the country.

Today, the Standing Committee of Parliament on Finance is set to hold discussions with various associations and experts after Prime Minister Narendra Modi held a meeting on cryptocurrencies, the virtual currency. The participants will include representatives from the India Internet and Mobile Association (IAMAI), Blockchain and Crypto Assets Council (BACC), including some of India's top crypto exchanges. These include WazirX, CoindcX, Coinswitch Kuber and others.

According to sources, the government may take steps to completely curb it. Because Prime Minister Narendra Modi has called for strict action against these crypto exchanges, which have become a source of terror funding for terrorists and money laundering for black money hoarders. The PM had held a meeting with the Finance Ministry, the Reserve Bank and the Home Ministry over the same.

Sources also informed that the meeting underwent a comprehensive review of cryptocurrencies and all related issues. It was clearly decided to ban opaque advertising that misled youth in the name of cryptocurrencies. The meeting discussed the issues raised after suggestions from the Central Bank, Ministry of Finance and Ministry of Home Affairs from crypto experts from across the country and the world.