PM Modi Asks Other Democratic Nations To Come Together On Cryptocurrency

Prime Minister Narendra Modi stated that it is critical for all democratic nations to collaborate on cryptocurrency to guarantee that it does not fall into the wrong hands, endangering our youth.


Prime Minister Narendra Modi made his first public comments on cryptocurrencies after chairs meet. He stated that the world’s democracies must work together to ensure that it “does not end up in the wrong hands.”

The government is working on new legislation for digital currencies.

PM Modi’s warning comes just days after he met with industry leaders. He discussed how to go forward with cryptocurrencies in India. Amid concerns that unregulated cryptocurrency marketplaces could be used for money laundering and terror financing.

TECHNOLOGY SHOULDN’T MISLEAD THE YOUTHS

The Prime Minister emphasised that technology and data are becoming new weapons. He also said that democracies must collaborate on data governance rules:

“Take cryptocurrency or Bitcoin, for example. 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.”

PM Modi delivered his remarks at the Sydney Dialogue, a conference on emerging, critical, and cybertechnologies.

The government is considering establishing a regulatory framework to control and oversee cryptocurrency investments.

The government may prohibit the use of cryptocurrencies for transactions or payments. But may allow them to be retained as assets similar to gold, stocks, or bonds.

It’s still not clear that whether the Indian Government is deciding to ban it all or to regulate it like other countries where it is a legal tender. A user on Twitter asked the same.

RBI’s CONSTANT DISSATISFACTION WITH UNREGULATED CURRENCY

The Reserve Bank of India (RBI), the Finance Ministry, and the Home Ministry, as well as experts, met with Prime Minister Narendra Modi on Saturday to discuss cryptocurrency.

It was apparently discussed in the conference that attempts to deceive the youth through over-promising and non-transparent advertising must be halted.

Shaktikanta Das, the governor of the Reserve Bank of India, has also warned that India has to have far more in-depth conversations about cryptocurrencies.

“When the central bank says that we have serious concerns from the point of view of macroeconomic and financial stability, there are far deeper issues involved. I’m yet to see serious, well-informed discussions in the public space on these issues,” Mr Das stated.

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