Cryptocurrency: Modi warns against cryptos falling in ‘wrong hands’
New Delhi: Prime Minister Narendra Modi on Thursday asserted that crypto-currency must not fall into the “wrong hands and spoil our youth”, reiterating his government’s position on the issue.
Delivering a keynote address virtually at The Sydney Dialogue, on “India’s technology evolution and revolution”, he asserted all democracies should work together on this important issue and ensure cryptos did not end up in the wrong hands and spoiled youth.
The Sydney Dialogue brings together political, business, and government leaders to debate emerging technologies.
Last week, an Indian parliamentary panel favored regulation rather than imposing an outright ban on digital assets.
The Dialogue took place against the backdrop of rising concerns in different quarters about crypto-currencies and the risks emanating from trading in them, especially since there is a growing interest in such digital assets worldwide. At present, there are neither specific regulations nor an outright ban on the use of cryptocurrencies in India.
In September, regulators in China banned all mining of crypto-currency and its transactions.
Bitcoin, the world’s biggest cryptocurrency, is hovering around the USD 60,000-level, and more than doubled its value since the beginning of 2021, the media reported.
India’s digital currency market zoomed from USD 923 million in April 2020 to USD 6.6 billion in May 2021, according to reports.
(VP)
