Indian Prime Minister Narendra Modi warned about cryptocurrencies ending up in the «wrong hands», calling on democratic nations to work together to avoid spoiling the digital asset class.
After expressing optimism about the potential behind cyber technologies during the Sydney Dialogue forum, Indian Prime Minister Narendra Modi also warned about risks related to digital currencies.
«Take cryptocurrency or Bitcoin, for example,» Modi said in a speech delivered virtually to the forum. «It is important that all democratic nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youth.»
While India is looking to tighten against crypto with a draft regulation that is expected to propose a ban on usage as transaction and payments, the world’s second-most populous nation is looking to allow investors to hold such digital currencies as assets, like gold, bonds and stocks.
On Saturday, Modi chaired a meeting to meeting on India’s approach to cryptocurrencies with concerns about money laundering or terrorist financing risks, according to a report by «Economic Times» citing unnamed sources.
Modi’s cabinet expects to receive the draft regulations for review within two to three weeks.