India takes a progressive step with cryptocurrencies, banning cryptocurrency advertising

On Saturday, Indian Prime Minister Narendra Modi chaired a conference on the status of Indian cryptocurrencies.

Discussions were held between the Reserve Bank of India (RBI), the Ministry of Finance and the Ministry of Interior.

During an important rally, Modi said, “Youth should not be misunderstood,” and said cryptocurrencies should not be used for money laundering.

Government officials have expressed concern about the use of crypto transactions to fund money laundering and terrorist activities.

There was also a conversation about how to over-promise young investors and stop misleading advertising.

The government feels irresponsible for advertising on crypto exchanges that promise wild interests to their customers. In addition, advertising is not transparent about the volatile nature of such transactions and must be banned. Authorities are also calling for immediate suspension of these ads nationwide.

Cryptocurrencies are currently gaining momentum across India.

Shiba Inu is now available in India’s first cryptocurrency unicorn CoinDCX, CoinDCXGo’s mobile cryptocurrency trading app.

According to a recent report, the cryptocurrencies Shiba Inu and Dogecoin accounted for 13.72 percent of the trading volume of the Indian crypto exchange. The analysis is based on data collected between April and October.

These two coins are now ranked among the top cryptocurrencies on the market.

According to Broker Tuser, India has more than 100 million crypto holders, now more than any other country in the world.

By Bibhu Pattnaik

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