HomeBankingCrypto can spoil our youth, urge nations to act together: PM

Crypto can spoil our youth, urge nations to act together: PM

Prime Minister Narendra Modi on Thursday called for all democratic nations to work together on cryptocurrency. The prime minister was speaking on the sidelines of Sydney Dialogue.

Also read: For a change: CoinSwitch asks customers not to buy crypto

The PM’s remarks come in at a time when the government is preparing to introduce a bill regulating cryptocurrencies in the upcoming winter session of the Parliament. Last week, the PM chaired a review meeting for considering a regulatory framework required to manage and oversee investments made by millions of Indians in the cryptocurrencies which are unregulated in India so far. The PM raised concerns about the aggressive and misleading ads by the industry.

The PM said that the digital age is changing everything around us and it has redefined politics, economy and society.

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 the wrong hands, which can spoil our youth,” PM Modi said.

We are in a time of transformation,” the PM said. The conference is hosted by the Australian Strategic Policy Institute from November 17-19.

But we also face new risks and new forms of conflict across diverse threats, from sea-bed to cyber to space. Technology has already become a major instrument of global competition and key to shaping the future international order,” he added.

A separate meeting was convened by the Parliamentary Standing Committee on Finance on Monday attended by industry stake holders including the likes of cryptocurrency exchanges and the IAMAI – Blockchain and Crypto Assets Council (BACC), among others reportedly arrived at the conclusion that “cryptocurrency cannot be stopped” but it has to be “regulated”, unnamed government sources were quoted by ANI.


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