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Home / News / India /  PM Modi has a warning for 'young' crypto users in India


PM MODI HAS A WARNING FOR 'YOUNG' CRYPTO USERS IN INDIA

Premium Prime Minister Narendra Modi greets at the Sydney Dialogue via video
conference, in New Delhi on Thursday. (ANI Photo) 3 min read . Updated: 18 Nov
2021, 03:49 PM IST Livemint

 * 'Take cryptocurrency or bitcoin, for example,' the Prime Minister told a
   forum hosted by the Australian Strategic Policy Institute. 'It is important
   that all democratic nations work together on this and ensure it does not end
   up in the wrong hands, which can spoil our youths'



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In his first public comments on cryptocurrencies, Prime Minister Narendra Modi
on Thursday warned that bitcoin presents a risk to younger generations as his
government prepares to introduce legislation to regulate digital currencies.



The Prime Minister's caution comes days after he held discussions on how to move
forward on cryptocurrency in India, with concerns raised on unregulated crypto
markets becoming avenues for money laundering and terror financing.

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Speaking at the Sydney Dialogue, a forum on emerging, critical and
cybertechnologies, PM Modi framed virtual money, which is highly popular in
India and exists beyond state and central bank control, as a domain that needs
to be closely policed.



"Take cryptocurrency or bitcoin, for example," the Prime Minister told a forum
hosted by the Australian Strategic Policy Institute. "It is important that all
democratic nations work together on this and ensure it does not end up in the
wrong hands, which can spoil our youths."

The Centre is considering a regulatory framework to manage and oversee
investments made in cryptocurrency.

Earlier a report said that the government could bar the use of cryptocurrencies
for transactions or making payments, but could allow them to be held as assets
like gold, shares or bonds.

Critics of cryptocurrencies allege that largely anonymous unregulated transfers
make them a perfect tool for drug traffickers, people smugglers or money
laundering.

Several nations have begun to legislate to introduce oversight over
cryptocurrencies, and exchanges in many jurisdictions are now subject to the
same regulations as other financial service providers.

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India effectively outlawed crypto transactions in 2018, only for the country's
top court to strike down the ban two years later.

That led to a boom in the sector as the country's vast young population took
heed of an advertising blitz by Bollywood and cricket stars.

Today, more than 100 million Indians have embraced virtual currencies, ranking
the country behind only the United States, Russia and Nigeria in terms of users,
according to a report last month by investment portal BrokerChooser.

There have been growing calls for India to issue another ban, but Modi's
government appears set to stop short, preferring instead strict legislation that
could be passed before the end of the year.

Reserve Bank of India's Shaktikanta Das has been sharply critical, saying last
week that cryptocurrencies are a serious threat to the financial system if not
properly regulated.

At the same time the central bank is looking at issuing its own official digital
currency.

More broadly, PM Modi used his address to tout India as a global technology hub.
His "Digital India" scheme aims to modernise and harness technology across the
subcontinent of 1.3 billion people.

PM Modi said emerging technologies like quantum computing offer great
opportunities.

But, he said, it was "essential for democracies to work together" to "invest
together in research and development in future technology".

He added that it was also necessary for democracies to "deepen intelligence and
operational cooperation on cyber security."

Critics have accused PM Modi -- who was elected on an often divisive Hindu
nationalist platform -- of harnessing technology to silence opponents.

"The Modi government has been using technology since it came to power in 2014 to
curtail rights at home as part of an escalating crackdown on freedom of
expression, association and peaceful assembly," said Human Rights Watch
Australia director Elaine Pearson.

With agency inputs



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