Urging the need for collaboration on cryptocurrencies amongst democratic nations, India’s Prime Minister, Narendra Modi, does not want cryptocurrencies ending up in the wrong hands. According to the Prime Minister, this may “spoil” the Indian youth.
“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 during his virtual keynote address at the Sydney Dialogue on Wednesday, 17 November.
The India Prime Minister made the statement after reportedly chairing a meeting on cryptocurrency regulation in India. It is not clear whether by spoiling the Indian youth the Prime Minister is worried about how cryptocurrencies could make quick money for Indian youth or could make India youth use crypto to perpetuate crimes.
The India government has been working on a comprehensive cryptocurrency regulation in India. This is after the Supreme Court of India overturned in 2020 the decision by the Reserve Bank of India which prohibited banks from dealing with cryptocurrency exchanges in 2018. Currently, India plans to regulate crypto as assets and ban them as currencies.
The Reserve Bank of India (RBI), the Ministry of Finance, and the Home Ministry had a consultation with players and stakeholders from India’s cryptocurrency industry. This represents the very first parliamentary discussion on crypto involving the industry.