PM Narendra Modi during a virtual keynote address at the Sydney Dialogue said that cryptocurrencies must not fall into the “wrong hands and spoil our youth” and urged all democratic nations to work together to ensure such a thing does not happen.
The conference host by the Australian Strategic Policy Institute, saw the Prime Minister emphasise the impact of the Digital Age that “occurs just once in a generation, where technology and data are becoming new weapons.”
PM further stated that the world has ushere in a new era of opportunities for progress and prosperity.
Prime Minister Narendra Modi Said :
“But we also face new risks and new forms of conflict across diverse threats, from sea-bed to cyber to space. Technology has already become a major instrument of global competition and key to shaping the future international order,”.
The note which revolve around ‘India’s technology evolution and revolution‘ took place on the backdrop of a high-level meeting chaired by the Prime Minister last week, held to discuss issues related to crypto regulation and to hear concerns over the current state of affairs in the unregulate crypto market in India and its possible fallouts.
It was discuss that unregulate cryptocurrency markets cannot be allow to become avenues for money laundering and terror financing a point that the Prime Minister reiterated during his keynote earlier today.
Government sources tell PTI that it is conscious of the fact that cryptocurrencies are evolving technology and will keep a close watch and take proactive steps towards its regulation.
A separate meeting was conduct by the Parliamentary Standing Committee on Finance earlier this week where various stakeholders including the likes of cryptocurrency exchanges and the Blockchain and Crypto Assets Council (BACC), among many others reportedly arrive at the conclusion that “cryptocurrency cannot be stopped” but it has to be “regulated“, as per ANI.
There are neither specific regulations nor an outright ban on the use of cryptocurrencies in India.
Prime Minister Narendra Modi Urges Countries to Cooperate to Make Cryptocurrencies Safe
Indian Prime Minister Narendra Modi urge cooperation between the world’s democracies to ensure cryptocurrencies like Bitcoin do not “end up in the wrong hands“, delivering the comments while his government drew up new rules for digital currencies.
PM did not elaborate on those fears in his speech deliver virtually to the Sydney Dialogue, a forum focused on emerging, critical, and cyber technologies.
But authorities in India and elsewhere have flag the dangers of cryptocurrencies being use by terrorist groups and organise crime, and the destabilising risk they pose to national economies.
After extolling the opportunities present by cyber age technology, PM Modi sound a note of caution regarding digital currencies.
Prime Minister Narendra Modi Said :
“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 the wrong hands, which can spoil our youth,”
Indian officials currently drafting regulations are likely to propose a ban on all transactions and payments in cryptocurrencies, while letting investors hold them as assets like gold, bonds, and stocks, as per Economic Times newspaper.
PM Modi chaired a meeting to discuss India’s approach to cryptocurrencies, and the Economic Times said his cabinet could receive the draft regulations for review within two to three weeks.
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