Cryptocurrency Market Update: misleading claims of huge returns on cryptocurrency investment Prime Minister

 That's coming in at the top of the star. Prime Minister Modi chairs a high-level meeting on Cryptocurrency Prime Minister's meeting after deliberation with RBI, Finance Ministry, and Home Ministry on Bitcoin is the center may introduce. The center says that attempts to mislead youth through over-promising and nontransparent ads have to be stopped. The center has also said that unregulated crypto markets cannot be allowed to become avenues for money laundering and terror financing.

 My colleague, National Affairs editor Rahul Shavasov is now joining me live on this. This is big, Rahul. The Prime Minister now convening a meeting on cryptocurrency saying that we cannot allow crypto avenues to be misused for money laundering purposes or terrorist financing. 

There is a history to it. In the budget session this year, there was a bill that was in the pipeline the works as far as cryptocurrencies are concerned. And what it envisaged was closer to what the RBI has been saying in terms of cryptocurrencies seeking a ban. And it also talked about India having its own digital currency and legitimizing that and banning all the others. Now, if you see the information that you also have given from the Prime Minister's office stating that there are unregulated advertisements and there is a lack of transparency and there is a sense of overpromising. Now that does give an indication that regulations are coming. India today is being told that there is a bill that is in the offing for which a lot of groundwork has been done. The Finance Ministry, the Home Ministry, the Sabi, and also the RBI have been in consultation.

 RBI in April 2018 came up with banning the cryptocurrencies Supreme Court in 2020. March lifted the ban and it said that it was not your wife's move. And after that, there is a lack of regulations and clarity. Now, clarity is needed on whether it's a currency.  If it is a currency, do the gains become capital gains and need to be paid in terms of income tax and direct taxes?

Now, the government realizes that the market potential and economic potential of cryptocurrencies are big. It does not want to do what China has done a complete blanket ban on cryptocurrencies. It realizes it can create employment and create revenue. And that is why what we are hearing, is not a blanket Bell, but definitely a regulated market mechanism that might be employing best practices from across the globe, which is a more moderate path in the office. 

 All right, Raoul, thank you so much for all of those details. So a moderate path could be in the offing. The government could bring a bill to Parliament during the winter session, which doesn't imply a complete ban, but certain regulatory mechanisms could be put in place as well. You.