India’s Prime Minister, Narendra Modi, has cautioned younger people about the dangers that cryptocurrency offers.
Modi spoke on the technological advancements that India has seen and how they may assist lead the safety of Bitcoin in his keynote address at The Sydney Dialogue, organized by the Australian Strategic Policy Institute. The PM also added:
“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. “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 youths.”
Modi’s remarks on bitcoin follow a discussion with the Parliamentary Standing Committee on Finance on planned regulation of the digital asset business, which is expected to take effect next year.
Shaktikanta Das, governor of the Reserve Bank of India (RBI), has been a vocal critic of the emergence of cryptocurrencies in India, raising worries about financial stability and the implications of cryptocurrency once again.
Despite the RBI’s position, the popularity of bitcoin has grown throughout the country, and despite the initial prohibition on cryptocurrency as a payment method in 2018, research suggest the business would increase more than 200 percent to reach $241 million by 2030.