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SJM calls for regulation of cryptocurrency, says people’s interests should be protected

“Even Prime Minister Narendra Modi himself has also spoken on this subject and the committee is working on it,” he added.
SJM said that all the stakeholders should talk about the subject and need to curb the lobbying of cryptocurrency. “We do not know from where it is coming, where it is going, who created it, in what quantity, nothing is known about this currency,” SJM added. 

He further called bitcoin or cryptocurrency an ‘imaginary thing’ and appealed to the youth not to spend their money on it.

“We believe that it is not a real currency, really currency is what the government and RBI issues. The exchanger of cryptocurrency says that people have invested in crores and also got benefits,” SJM added.

“It affects the revenue of our government as we do not know where is its tax. The hard-earned money of the people is going somewhere we do not know about it,” SJM said.

Last week, PM Modi had chaired a comprehensive meeting on the way forward for cryptocurrency and related issues. At the meet, discussions were held on the unregulated cryptocurrencies and how they cannot be allowed for money laundering and terror financing, government sources said.

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


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