The government is still trying to figure out how to regulate the millions of people investing in cryptocurrency.
It is essential for governments to work together to ensure that cryptocurrencies do not end up in the wrong hands, which can have harmful effects on our youth. I had my first public comments on the subject recently and it is of prime importance for us always to keep this in mind.
He was giving a keynote address when he spoke, at The Sydney Dialogue.
“Take crypto-currency 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,” he added.
He talked about India’s investment in building new technologies like 5G and 6G for the telecom sector as well as renewable energy.
The government is still considering a regulatory framework for digital currencies to manage and oversee investments made by the public.
PM Modi’s meeting on cryptocurrency last week is a sign that the Indian government is taking these issues seriously. In recent years, unregulated cryptocurrency markets have been ridden with money laundering and terror financing concerns. This has understandably been a cause of great concern for governments & agencies from all over the world, as this kind of activity can dramatically affect global economies and lead to a potentially.
The Parliamentary Standing Committee on Finance met and reached a consensus regarding the legalization of cryptocurrency. They created a mechanism to regulate it and they even discussed how to integrate blockchain into India’s banking system.