Prime Minister Narendra Modi is trying to fight the rising tide of crypto use in India, which he says could spoil the youth. The prime minister has said that a ban on cryptocurrency trading is not possible but regulation would be put into place instead. Experts say this move will hamper growth and investment opportunities for both individual investors and businesses alike.
Indian Prime Minister Narendra Modi said that crypto can “spoil the youth,” and called for protection. The future of cryptocurrency 2021 is uncertain, but it’s still a popular topic among investors and enthusiasts.
Prime Minister Narendra Modi addressed the mounting concerns about cryptocurrency on Thursday, urging countries to work together to boost crypto trade and prevent it from falling into the hands of “bad individuals.”
In a keynote talk at The Sydney Dialogue, Prime Minister Modi explained how India is always ready to accept new technology. “We’ve released our Cowin platform open-source software and made it available to the whole globe for free.” PM Modi said that India’s considerable experience in the use of technology and policy for the public good, inclusive growth, and social empowerment may be of immense assistance to the developing world.
However, he went on to say that Bitcoin is one of those technologies that must be handled with particular caution in order to safeguard the country’s children.
PM Modi’s thoughts on Bitcoin and cryptocurrencies
Modi then went on to discuss cryptocurrencies and Bitcoin, as well as how the globe is steadily adopting cryptocurrency.
He addressed the most pressing issues about cryptocurrency and asked countries to work together to guarantee that crypto-related activities are not tarnished by individuals and groups for funding illicit endeavors.
“Take, for example, Bitcoin or crypto-currency. PM Modi said, “It is critical that all democratic countries cooperate together on this and ensure that it does not fall into the wrong hands, which might corrupt our young.”
Indian financial authorities are presently working on the nation’s first crypto legislation, which would regulate cryptocurrency trading in the country. India aims to classify cryptocurrencies as a “asset class” in order to properly tax it and regard it as a viable investment option.
According to local news site Mint, the new crypto legislation might be adopted in the parliament’s winter session later this month.
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