13:08 18th Nov, 2021
PM Modi says that cryptocurrency can spoil the youth of India | TechTree.com
PM Modi says that cryptocurrency can spoil the youth of India
The Indian government is thinking of regulating digital currencies that millions of Indians have invested in.
The democratic countries of the world must work together to ensure that cryptocurrency "does not end up in wrong hands, which can spoil our youth," Prime Minister Narendra Modi said 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.
While outlining India's approach to new technology, PM Modi said India is investing in developing at-home capabilities in a range of areas including in 5G and 6G for telecom services.
Last week, PM Modi hosted a meeting to discuss the future of cryptos over concerns that unregulated crypto markets could become avenues for terror financing and money laundering.
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