India To Take Progressive Steps on Crypto, Eyes Prohibiting Crypto Ads

On Saturday, Indian Prime Minister Narendra Modi chaired a meeting on the status of cryptocurrency in India. 

The discussion was held between the Reserve Bank of India (RBI), the finance ministry, and the home ministry. 

During the crucial gathering, Modi said that the "youth must not be misled" and that cryptocurrency should not be used for money laundering. 

Government officials raised concerns about the use of crypto trading for laundering money and financing terrorism efforts.

There were also conversations about how to stop advertisements that over-promise and mislead young investors.

The government feels that advertisements by cryptocurrency exchanges that promise customers wild profits are irresponsible. Furthermore, the ads are not transparent about the volatile nature of such trading and must be prohibited. Officials are also calling for these ads to be immediately stopped across the country. 

Cryptocurrency is gaining momentum at the moment across India. 

Shiba Inu (SHIB) is now available on the mobile cryptocurrency trading app of India's first cryptocurrency unicorn CoinDCX, CoinDCX Go. 

According to a recent report, cryptocurrencies Shiba Inu SHIB/USD and Dogecoin DOGE/USD made up 13.72% of the trading volume on crypto exchanges in India. The analysis comes from data collected between April and October.

These two coins have risen to rank among the top cryptocurrencies in the market.

According to brokerchooser, India has over 100 million crypto holders, which is currently higher than any other country globally.

Related Link: One Of India's Largest Payments Companies Says Open To The Idea Of Bitcoin Offerings