Source: Indian government will take "gradual" regulatory measures on cryptocurrencies

According to CoinDesk on November 14, after Indian Prime Minister Narendra Modi chaired a meeting on the future of cryptocurrencies in the country, sources told the media Asia News International (ANI) that although the government recognizes the risks associated with cryptocurrencies, it intends to take "progressive" and "forward-looking" steps on this issue. ANI wrote on Twitter: "There is a strong feeling that attempts to mislead young people through promises and opaque advertising should be stopped. It is also agreed that the measures taken by the government in the field of cryptocurrencies and related issues will be progressive and forward-looking."

Sources said that the participants noted the risk of unregulated markets becoming a channel for money laundering and terror financing and vowed to remain vigilant. The government recognizes that this is an evolving technology and will pay close attention and take proactive measures. India may seek to ally with other countries/entities to regulate cryptocurrencies. The meeting came as the main opposition Indian National Congress party stepped up its attacks on the ruling Bharatiya Janata Party, saying the party helped cover up a bitcoin scam in Karnataka.