Prime Minister Narendra Modi Warns Bitcoin Could ‘Spoil’ Young Indians, Urges Cooperation of Nations


Prime Minister Narendra Modi said during a virtual keynote address at the Sydney Dialogue that cryptocurrencies “should not fall into the wrong hands and spoil our youth” and urged all democratic countries to work together to ensure that Don’t be so “We are in a time of change,” the Prime Minister stressed on the impact of the digital age, which “happens only once in a generation, where technology and data are becoming the new weapons,” at the conference organized by the Australian Strategic Policy Institute. “

In his speech at the Sydney Dialogue, PM Modi He further said that the world has ushered in a new era of opportunities for progress and prosperity. “But we also face new risks and new forms of conflict in a variety of threats, from ocean floor to cyber to space. Technology has already become a major instrument of global competition and has the potential to shape the international order of the future. is the key,” he said.

The keynote which revolves around ‘India’s technology development and revolution’ took place in the backdrop of a high-level meeting chaired by the Prime Minister last week to discuss issues related to crypto regulation and the current state of affairs. was organized to hear the concerns. Unregulated crypto market in India and its possible consequences.

It was discussed in the meeting that uncontrolled cryptocurrency The markets cannot be allowed to become a vehicle for money laundering and terror financing – a point the Prime Minister reiterated during his keynote address today. That said, government sources did tell PTI It is mindful of the fact that cryptocurrencies are an evolving technology and will keep a close watch on it and take proactive steps towards its regulation.

A separate meeting was convened by the Parliamentary Standing Committee on Finance 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 has not stopped can go”. But it has to be “regulated”, government sources told ANI,

Currently, the country has neither specific regulations nor an outright ban on the use of cryptocurrencies.

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