Indian Prime Minister Narendra Modi called for cooperation among the world’s democracies to ensure cryptocurrencies like Bitcoin do not “fall into the wrong hands”, making comments while his government issues New regulations for digital currencies.
PM Modi did not detail those fears in his speech mostly addressed to the Sydney Dialogue, a forum focused on emerging, critical and cyber technologies.
But authorities in India and elsewhere have flagged the dangers of electronic money used by terrorist groups and organized crime, and the destabilizing risk they pose to national economies.
After extolling the opportunities offered by cyber-age technology, Prime Minister Modi issued a note of caution regarding digital currencies.
“Take crypto or Bitcoin, Eg. It is important that all democratic countries work together on this issue and make sure it does not fall into the wrong hands, which can spoil our youth,” Prime Minister Modi said. Bitcoin price in India stand at Rs. 48.8 lakh as of 11:30 a.m. IST on Nov.
Economic Times newspaper report on Wednesday.
Prime Minister Modi chaired a meeting to discuss India’s approach to cryptocurrencies on Saturday, and the Economic Times said his cabinet may receive a draft regulation for consideration in the coming weeks. two to three weeks.
In September, regulators in China banned all cryptocurrency trading and mining.
Bitcoin, the world’s largest cryptocurrency, is hovering around $60,000 (about Rs 44.5 lakh), more than doubling in value since the start of this year.
India’s digital currency market was worth $6.6 billion (approximately Rs 48,920) in May 2021, compared with $923 million (approximately Rs 6,840) in April 2020, according to the data platform blockchain Chainalysis.
© Thomson Reuters 2021
Cryptocurrency is an unregulated digital currency that is not a legal tender and is subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any perceived recommendations, forecasts or any other information contained in the article.
