1 min read.Updated: 18 Nov 2021, 12:38 PM ISTLivemint
Zerodha founder Nithin Kamath said that the government should also put checks on unregulated CFD/Forex platforms
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With advertisements for cryptocurrency exchanges and trading on their platforms proliferating across the country, Zerodha founder Nithin Kamath too has joined the debate over cryptocurrency regulation.
“If financial services businesses are allowed to mis-sell greed & easy + guaranteed returns from risky financial products, it not only harms consumers but it creates a systemic risk," Nithin Kamath said in a tweet.
Prime Minister Narendra Modi today urged all democratic nations to work together to ensure that cryptocurrency does not end up in the wrong hands, cautioning that it can spoil the youth.
In a virtual address at the Sydney Dialogue, he said the digital age is changing everything as it has redefined politics, economies and societies and has raised new questions on sovereignty, governance, ethics, rights and security.
"It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth," he said referring to 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 crypto 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.
While the Supreme Court has lifted the ban on trading of cryptocurrencies imposed by the central bank, the RBI continues to have concerns over them.
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