India’s Modi urges democracies cooperate to make cryptocurrencies safe

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MUMBAI, Nov 18 (Businesshala) – Indian Prime Minister Narendra Modi urged cooperation among the world’s democracies to ensure that cryptocurrencies like bitcoin “do not end up in the wrong hands”, while distributing comments his government has made. Created new rules for digital currencies.

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Modi did not elaborate on those fears in his speech delivered virtually to the Sydney Dialogue, a forum focused on emerging, critical and cyber technologies.

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But authorities in India and elsewhere have flagged the dangers of cryptocurrencies used by terrorist groups and organized crime, and the destabilizing risk they pose to national economies.

After praising the opportunities presented by the cyber age technology, Modi penned a note of caution regarding digital currencies.

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“Take cryptocurrency or bitcoin, for example. It is important that all democratic nations work together on this

And make sure it doesn’t fall into the wrong hands, which can spoil our youth,” Modi said.

The Economic Times newspaper reported on Wednesday that Indian authorities are currently drafting rules that may propose banning all transactions and payments in cryptocurrencies, while allowing investors to hold them as assets. , such as gold, bonds and stocks.

Modi on Saturday chaired a meeting to discuss India’s approach to cryptocurrencies, and the Economic Times said his cabinet could get the draft rules for review within two to three weeks.

In September, regulators in China banned all cryptocurrency transactions and mining of cryptocurrencies.

The world’s largest cryptocurrency, bitcoin, is hovering around the $60,000 level, more than doubling its value since the beginning of this year.

According to blockchain data platform Chainalysis, India’s digital currency market was worth $6.6 billion in May 2021, compared to $923 million in April 2020.

Reporting by Rupam Jain; Editing by Clarence Fernandez and Simon Cameron-Moore

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