On Friday, Prime Minister Narendra Modi stated that emerging technology such as cryptocurrency should be leveraged to strengthen democracy rather than to weaken it.
Unregulated digital currency transactions, according to Indian policymakers, could jeopardise macroeconomic and financial stability. Instead of banning cryptocurrencies, the Modi government is drafting laws to restrict their use.
‘We need to work together to define global rules for emerging technologies like social media and cryptocurrencies so that they are utilised to enhance democracy rather than harm it,’ Modi said at a virtual summit hosted by US President Joe Biden.
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