While India’s position on cryptocurrencies has yet to take shape, PM Modi has warned Indian youngsters. ‘For instance, consider cryptocurrencies or bitcoin,’ Stated PM Modi on Cryptocurrency. ‘It is critical that all democratic nations collaborate on this and guarantee that it does not fall into the wrong hands, spoiling our kids.’ PM Modi’s worrisome comments come when young India shows a strong interest in cryptocurrency.
PM recently hosted a conversation on the future of Bitcoin and cryptocurrency. According to sources, the government is considering laws to regulate digital currencies.
PM Modi, speaking at the Sydney Dialogue, a meeting for emerging, critical, and cybertechnologies, defined virtual money, which is extremely popular in India and operates beyond the jurisdiction of the state and central bank, as an area that has to be tightly regulated.
PM Modi on Cryptocurrency
Numerous governments have begun enacting legislation to regulate cryptocurrencies, and exchanges are now subject to the same laws as other financial service providers in several jurisdictions.
In 2018, India essentially prohibited cryptocurrency transactions.
The fascination has fueled a rise in the industry, as the country’s massive young population responded positively to an advertising campaign, including Bollywood and cricket stars.
According to research published in October by financial portal BrokerChooser, over 100 million Indians have accepted virtual currencies, making the country the fourth largest adopter behind the United States, Russia, and Nigeria.
“Consider cryptocurrency or bitcoin. All democratic nations must collaborate on this and ensure that it does not fall into the wrong hands, spoiling our kids.” Added by PM Modi on Cryptocurrency.
PM Modi stated that India is investing in creating indigenous capabilities in various fields, including 5G and 6G for the telecommunications industry. Sources
The federal government is still evaluating the regulatory framework necessary to handle and supervise the digital currency investments made by millions of Indians.
According to the news agency Reuters, Prime Minister Modi presided over a meeting last week to debate the future of cryptocurrencies amid worries that unregulated cryptocurrency markets might be used for money laundering and terror funding purposes.
The topic was discussed at a meeting of the Parliamentary Standing Committee on Finance, held on Monday. According to those who are aware of the events, an agreement has been formed that a framework for regulating cryptocurrencies should be put in place.
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