New Delhi, November 18
The world’s democracies must work together on cryptocurrency to ensure it “does not end up in the wrong hands”, Prime Minister Narendra Modi said today in his first public comments on the subject as the government works on new rules for digital currencies.
PM Modi’s caution comes days after he held discussions on how to move forward on cryptocurrency in India, with concerns raised on unregulated crypto markets becoming avenues for money laundering and terror financing.
Commenting that technology and data are becoming new weapons and that democracies must cooperate in rules for data governance, the Prime Minister 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 wrong hands, which can spoil our youth.”
PM Modi was speaking at the Sydney Dialogue, a forum on emerging, critical and cybertechnologies.
The government is considering a regulatory framework to manage and oversee investments made in cryptocurrency.
A report in the Economic Times said yesterday said the government could bar the use of cryptocurrencies for transactions or making payments, but could allow them to be held as assets like gold, shares or bonds.