On Thursday, in his first public comments on cryptos, PM Modi cautioned that bitcoin presents a risk to younger generations as his government gets ready to introduce legislation to regulate digital currencies.
The PM’s warning comes days after he had discussions on how to step ahead regarding crypto in India, with problems raised on unregulated cryptocurrency markets becoming avenues for terror financing and money laundering.
Speaking at the Sydney Dialogue, a forum on analytical, appearing and cybertechnologies, Prime Minister Modi framed virtual money, which is highly famed in the country and exists beyond central and state bank control, as a domain that requires to be closely regulated.
The PM told a forum hosted by the Australian Strategic Policy Institute to take bitcoin or crypto as an example. He added that it is imperative that all democratic countries work together on this and guarantee it doesn’t end up in the wrong hands, which can spoil the youths.
The Centre is thinking of a regulatory system to control and oversee investments made in crypto.
Prior a report mentioned that the government could ban the use of cryptos for transactions or making payments, but could enable them to be held as an asset like shares, gold, or bonds.