World’s Largest Democracy Won’t Allow Unregulated Crypto Markets To Become Avenues for Terror Financing and Money Laundering: Report

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The world’s most populous democracy is considering measures to prevent unregulated cryptocurrency markets from aiding money laundering and terrorism financing, per a report.

According to Asian News International, the government of India indicated in a meeting chaired by Prime Minister Narendra Modi that it will adopt vigilance and take “proactive steps” against unregulated crypto markets.

“It was also discussed that unregulated crypto markets cannot be let to become avenues for money laundering and terror financing. Government is cognizant of the fact that this is an evolving technology hence the government will keep a close watch and take proactive steps.”

The report says that the actions likely to be taken by the Indian government on cryptocurrency matters will be “progressive & forward-looking.”

“There was consensus also that the steps taken in the field of cryptocurrency and related issues by the government will be progressive & forward-looking. [The] government will continue to pro-actively engage with the experts and other stakeholders.”

The Indian government will also seek worldwide cooperation on cryptocurrency matters, according to the report.

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

The Indian government’s plans for unregulated crypto markets come months after the country’s Finance Minister Nirmala Sitharaman said India would keep an open mind on cryptocurrencies after previous reports of plans to ban digital assets.

“The world is moving fast with technology, and we can’t pretend that we don’t want it…

We are not closing our minds. We are certainly looking at ways in which experimentation can happen in the digital world and cryptocurrency.”

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