Narendra Modi stated that it is critical for all democratic nations to collaborate on cryptocurrencies and ensure that it does not fall into the wrong hands, which could harm our youth.
New Delhi, India:
Prime Minister Narendra Modi made his first public comments on cryptocurrencies today, saying that the world’s democracies must work together to ensure that it “does not end up in the wrong hands.” The government is working on new legislation for digital currencies.
PM Modi’s warning comes just days after he met with industry leaders to discuss how to go forward with cryptocurrencies in India, amid concerns that unregulated cryptocurrency marketplaces could be used for money laundering and terror financing.
The Prime Minister noted that technology and data are becoming new weapons, and that democracies must collaborate on data governance rules: “Take, for example, cryptocurrencies or Bitcoin. It is critical that all democratic nations collaborate on this and ensure that it does not fall into the wrong hands, endangering our youth.”
PM Modi delivered his remarks at the Sydney Dialogue, a conference on emerging, critical, and cybertechnologies.
The government is considering establishing a regulatory framework to control and oversee cryptocurrency investments.
According to a storey published yesterday in the Economic Times, the government may prohibit the use of cryptocurrencies for transactions or payments, but may allow them to be retained as assets similar to gold, stocks, or bonds.
The Reserve Bank of India (RBI), the Finance Ministry, and the Home Ministry, as well as experts, met with Prime Minister Narendra Modi on Saturday to discuss cryptocurrency. It was apparently discussed in the conference that attempts to deceive the youth through over-promising and non-transparent advertising must be halted.
Shaktikanta Das, the governor of the Reserve Bank of India, has also warned that India has to have far more in-depth conversations about cryptocurrencies. “When the central bank says we have severe worries about macroeconomic and financial stability, we’re talking about much bigger challenges.” At a recent event, Mr Das stated, “I have yet to see genuine, well-informed discussions in the public domain on these topics.”
The Prime Minister remarked in his speech that the Digital Age is “changing everything around us” and has reshaped politics, the economy, and society. “It raises new concerns about sovereignty, governance, ethics, law, human rights, and security.” It’s altering global rivalry, power, and leadership,” he explained.
“However, new hazards and modes of warfare are emerging across a wide range of challenges, from the seabed to cyberspace to space.” Technology has already established itself as a major tool of global competition and a vital factor in determining the future international order.”