PM Modi chaired meet on Cryptocurrency : Centre may bring Cryptocurrency law soon in India. 

The crucial meeting comes two days after RBI governor Shaktikanta Das sounded alarm on cryptocurrencies, cautioning investors on the potential risk of the digital currencies. Prime Minister Narendra Modi chaired the meeting on the way forward for cryptocurrency amid growing concerns over its use for money-laundering and terror financing.

The central bank has repeatedly brought its strong views against cryptocurrencies, saying they pose serious threats to the macroeconomic and financial stability of the country and also doubted the number of investors trading on them as well as their claimed market value.

The currency is, however, not legally banned and the government is in the process of bringing a law in this regard. In March this year, then Union minister of state for finance Anurag Thakur had said that the government would be extra careful while taking any decision regarding cryptocurrencies as they are highly volatile and could have security implications. The government, however, could embrace the blockchain technology of virtual currencies

Last year, Union finance minister Nirmala Sitharaman had told the Rajya Sabha that the government did not consider cryptocurrencies as a legal tender. Quoting from the Budget speech for 2018-19, she said: “The government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. The government will explore the use of block chain technology for ushering in the digital economy.