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Cryptocurrency Can Spoil Youth, Ensure It Does Not End Up In Wrong Hands: PM Narendra Modi At Sydney Dialogue

NEW DELHI: The world’s democracies must collaborate on cryptocurrencies to ensure it “doesn’t end up in the wrong hands,” Prime Minister Narendra Modi said today, in his first public comments on the subject as the government works on new digital currency legislation.

PM Modi’s warning comes just days after he conducted talks about how to move forward with cryptocurrencies in India, with worries voiced about unregulated crypto marketplaces becoming conduits for money laundering and terror financing.

“Take cryptocurrency or Bitcoin, for example,” the Prime Minister remarked, noting that technology and data are becoming new weapons and that democracies must collaborate on data governance regulations.

It is critical that all democratic nations collaborate on this and guarantee that it does not end up in the wrong hands, which can harm our kids.”

PM Modi was addressing at the Sydney Dialogue, an event focusing on emerging, critical, and cybertechnologies.

The government is considering establishing a regulatory framework to control and supervise cryptocurrency investments.

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As per a report 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 Prime Minister’s discussion on crypto on Saturday was the result of a collaborative process that included the Reserve Bank of India (RBI), Finance Ministry, and Home Ministry, as well as specialists. It was apparently discussed in the conference that attempts to deceive the youth through over-promising and non-transparent advertising must be halted.

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RBI Governor Shaktikanta Das has also stated that India requires far more in-depth conversations about cryptocurrencies. “When the central bank declares that we have major worries about macroeconomic and financial stability, it is referring to much deeper difficulties. I have yet to witness genuine, well-informed debates on these topics in the public sphere ” Das stated this at a recent event.

The Prime Minister stated 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, rights, and security. It is changing the face of international competitiveness, power, and leadership “He stated.

“But we also face new risks and new forms of conflict across diverse threats, from sea-bed to cyber to space. Technology has already become a major instrument of global competition and key to shaping the future international order.”

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