Prime Minister Narendra Modi warns that Bitcoin may “spoil” young Indians and calls for international cooperation.

During a virtual keynote address at the Sydney Dialogue, Prime Minister Narendra Modi stressed that cryptocurrencies must not fall into the “wrong hands and corrupt our children,” and encouraged all democratic nations to work together to prevent this from happening. “We are in the midst of a transition,” says the author. The Prime Minister stressed the importance of the Digital Age, which “occurs just once in a generation, when technology and data are becoming new weapons,” during a conference organized by the Australian Strategic Policy Institute.

PM Modi also noted at the Sydney Dialogue that the globe has entered a new age of opportunity for growth and prosperity. “However, new dangers and modes of warfare are emerging across a wide range of challenges, from the seabed to cyberspace to space. Technology has already established itself as a major tool of global competitiveness and a vital factor in determining the future international order “he stated

The keynote, which focused on ‘India’s technological evolution and revolution,’ came after the Prime Minister chaired a high-level meeting last week to discuss issues related to crypto regulation and hear concerns about the current state of affairs in India’s unregulated crypto market and its potential consequences.

It was highlighted during the meeting that uncontrolled cryptocurrency markets cannot be permitted to become conduits for money laundering and terror funding, as the Prime Minister stated earlier today during his keynote.

However, government sources told PTI that the government is aware that cryptocurrencies are developing technology and that it will keep a careful eye on them and take aggressive efforts to regulate them.

The Parliamentary Standing Committee on Finance convened a separate meeting earlier this week, where various stakeholders — including cryptocurrency exchanges and the Blockchain and Crypto Assets Council (BACC), among others — reportedly came to the conclusion that “cryptocurrency cannot be stopped,” but it must be “regulated,” according to government sources.

There are currently no particular rules or outright bans in place in the nation regarding the usage of cryptocurrencies.

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