India’s PM Says Cryptocurrencies Need to be Regulated; Should Not “End up in Wrong Hands”

Nov. 19, 2021

As cryptocurrenciescontinue to gain popularityin the finance sector, various countries are now looking to regulate the crypto market to make it safe and secure for investors. Amidst the growing concerns relating to blockchain and cryptocurrencies, India’s Prime Minister Narendra Modi recently addressed all the democratic nations to unitedly deal with the issues relating to cryptocurrencies toprevent a negative impact on the youth.

The PM of India made his recent remarks about cryptocurrencies, especiallyBitcoin, during a virtual event at the Sydney Dialogue. Modi said that all the democratic nations should come up with their own technical and governance standards and norms, recognizing their democratic values. As per the Indian leader, these standards and norms should recognize national rights and promote trade and investment at the same time.

“It should also recognize national rights and, at the same time, promote trade, investment, and the larger public good. Take cryptocurrency 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,”Modi said in a statement.

Other than these, Modi talked about the emerging significance of technology and how it has become a major instrument of global competition. He also stated that the current technological advances are keys to shaping future international orders.

“We are at a historic moment of choice. Whether all the wonderful powers of technology of our age will be instruments of cooperation or conflict, coercion, or choice, domination or development, oppression or opportunity,”the PM of India further added.

Now, coming to the cryptocurrency situation in India, we recently saw a panel of MPs and industry experts conclude thatcryptos should be regulated in Indiato make them a reliable investment option for investors. Furthermore, with the popularity of meme cryptocurrencies likeDogecoin or Shiba Inu coin in India, the South Asian country is gradually becomingone of the global leadersin the crypto finance sector. So, it will be interesting to see India’s future plans for cryptocurrencies.

A geek at heart, you’ll find me fidgeting with an iOS device or sitting in front of the laptop, scouring the internet to find interesting technological innovations. In my free time, you’d find me playing Valorant or listening to Pink Floyd.