'Can spoil our youth': PM Modi urges nations to work on cryptocurrency

Published on Nov 18, 2021 09:55 AM IST

The central government is still considering a regulatory framework required to manage and oversee investments made by millions of Indians in the digital currency.

PM Modi spoke about cryptocurrency during his keynote address at The Sydney Dialogue.(Bloomberg file photo)
PM Modi spoke about cryptocurrency during his keynote address at The Sydney Dialogue.(Bloomberg file photo)
By | Written by Amit Chaturvedi, Hindustan Times, New Delhi

All democratic nations must work together to ensure cryptocurrency "does not end up in wrong hands, which can spoil our youth," Prime Minister Narendra Modi said on Thursday, in his first public comments on the subject.

He was speaking during his keynote address at The Sydney Dialogue.

"We've offered our CoWin platform to the entire world free and made it open-source software. India's extensive experience with use of technology and policy for public good, inclusive development and social empowerment can be of great help to the developing world," PM Modi said.

"Take crypto-currency 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," he added.

Giving an overview of India's approach to new technologies, PM Modi said the country is investing in developing indigenous capabilities in diverse areas including in 5G and 6G for the telecom sector.

The central government is still considering a regulatory framework required to manage and oversee investments made by millions of Indians in the digital currency.

Last week, PM Modi chaired a meeting to discuss the future of cryptocurrencies amid concerns that unregulated crypto markets could become avenues for money laundering and terror financing, reported news agency Reuters.

On Monday, the Parliamentary Standing Committee on Finance convened a meeting on the issue, where a consensus was reached that a mechanism should be put in place to regulate cryptocurrency, according to people aware of the developments.

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