Indian Prime Minister Narendra Modi encouraged cooperation with the world’s democracies to guarantee that cryptocurrencies like Bitcoin do not ‘end up in the wrong hands.’ He did not expound much in his statement, presented digitally to the Sydney Dialogue, a gathering focused on emerging, critical, and cyber technologies. Authorities in India and other countries, on the other hand, have warned about the perils of cryptocurrencies being used by terrorist groups and organised crime, as well as the destabilising risk they bring to national economies.
After touting the benefits of cyber-age technology, Prime Minister Modi issued a warning against the digital currency.‘Take, for example, cryptocurrencies or Bitcoin. It is critical that all democratic nations collaborate on this to guarantee that it does not fall into the wrong hands, endangering our youth’ Prime Minister Modi stated. According to the Economic Times newspaper, Indian officials are now developing regulations likely to recommend a ban on all cryptocurrency transactions and payments, while allowing investors to hold them as assets similar to gold, bonds, and equities.
Post Your Comments