Cryptocurrencies can't be allowed for money laundering, terror financing: PM Modi Bitcoin price | Tech News

Cryptocurrencies can't be allowed for money laundering, terror financing: PM Modi

Flagging the issue of misleading ads on cryptocurrencies, PM Narendra Modi chaired a comprehensive meeting on the way forward for cryptocurrency and related issues.

| Updated on: Nov 14 2021, 00:46 IST
PM Narendra Modi on Saturday chaired a meeting on the way forward for cryptocurrency amid growing concerns over its use for money-laundering and terror financing. (HT_PRINT)

Flagging the issue of misleading non-transparent advertising on cryptocurrency, Prime Minister Narendra Modi on Saturday chaired a comprehensive meeting on the way forward for cryptocurrency and related issues in which it was discussed that unregulated cryptocurrencies cannot be allowed for money laundering and terror financing, according to government sources.

The meeting was held after a consultative process done by the Reserve Bank of India, the Finance Ministry, and the Ministry of Home Affairs (MHA) in which global and Indian experts were consulted and global examples and best practices studied.

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According to sources the government strongly feels that attempts to mislead the youth through over-promising and non-transparent advertising have to be stopped.

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It was also discussed that unregulated cryptocurrency markets cannot be allowed to become avenues for money laundering and terror financing.

Sources said that the government is cognizant of the fact that this is an evolving technology hence it will keep a close watch and take proactive steps.

There was consensus also that the steps taken in this field by the Government will be progressive and forward-looking. The government will continue to pro-actively engage with the experts and other stakeholders.

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

Cryptocurrency Stocks Rally as Coin Price Surge Eclipses Rocky Earnings

(Bloomberg) -- Shares of cryptocurrency-related companies are rallying with digital tokens to record highs as FOMO has investors downplaying some high-profile misses this earnings season.

Coinbase Global Inc., the biggest digital-asset exchange in the U.S., briefly spooked investors this week after revenue in the third quarter contracted more than Wall Street was anticipating amid volatility in the price of Bitcoin and other digital tokens. Crypto miner Marathon Digital Holdings Inc. closed nearly 15% lower on Wednesday after reporting revenue that missed analyst expectations.

Even though Coinbase and Marathon shares initially sank in the wake of their results, the fervor for all-things crypto continues to lift the broader sector and even led to a rebound in those two stocks over the past two days. An exchange-traded fund that tracks more than 50 crypto-related companies including Coinbase and Riot Blockchain Inc., advanced 1.8% this week while also setting a record, extending gains since the end of September to 36%. Bitcoin and Ether, which together account for about 65% of the the crypto universe's estimated $2.7 trillion market value, touched all-time highs.

“There's a lot of short-term volatility in crypto, so you're seeing it in crypto stocks too,” said Natalia Radyushkin, chief financial officer of crypto platform “But the sentiment is overwhelmingly bullish, and it's playing out in the fourth quarter -- when fireworks usually happen.”

Bakkt Holdings Inc. became the latest crypto company to be greeted by disappointment after it released results on Friday for the first time since its public debut in October. The shares fell as much as 9.8%.

Investors in crypto stocks may be in for more volatility in the weeks ahead, with crypto billionaire Michael Novogratz's Galaxy Digital Holdings Ltd. set to report Monday and miner Riot Blockchain Inc. the following week.

Still, the rally is giving some bulls pause who are waiting for prices to cool off before putting more money to work. Even the 8.1% decline in Coinbase the day after its earnings report wasn't enough to entice Gurgavin Chandhoke, an Ontario, Canada-based individual investor who trades crypto stocks and digital currency.

“I'm waiting for Bitcoin to go down to pick up Coinbase for cheaper,” Chandhoke said. “When it's going up, people have FOMO and buy.”

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First Published Date: 14 Nov, 00:46 IST