Consumer affairs ministry to set up panel for FAQ on cryptocurrencies

business-standard.com:

Days after pulling up restaurants and ride-hailing apps, the consumer affairs ministry is now planning to set up a panel to develop frequently-asked questions (FAQs) on cryptocurrencies. Besides, amid complaints of edtech companies exerting undue pressure on school children, the ministry will also hold a meeting with companies like Byju's and Unacademy.

“The current position on cryptocurrencies is that it can be advertised, so the FAQs will enable consumers to understand cryptos are and take precautions before investing,” Consumer Affairs Secretary Rohit Kumar Singh said on Friday.

On edtech companies, Singh said he had called a meeting of leading players in the space and other stakeholders to discuss a framework for ensuring children were not unduly pressured.

Asked if the government was taking action against edtech companies' advertisements, especially Byju's new “two teacher advantage” ad, he said: "We are aware of this. I have called a meeting of edtech companies next week or so."

On action taken to stop fake reviews on e-commerce companies, the secretary said a committee had been set up for framing guidelines to prevent these. The committee would have representatives of e-commerce platforms like Amazon, Reliance, consumer organisations and law firms. "We will hopefully come out with guidelines to prevent fake reviews in the next 60 days."

Recently, the secretary had held a meeting with restaurants and hotel representatives over the service charge issue, and with ride-hailing apps over charges of unfair trade practices.

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