Ensure cryptocurrency doesn't end up in wrong hands: PM Modi at Sydney Dialogue
PM Modi also said, "India’s industry and services sectors are undergoing massive digital transformation using technology for conversion of resources and protection of biodiversity."
- Nov 18, 2021,
- Updated Nov 18, 2021 11:51 AM IST
Prime Minister Narendra Modi on Thursday expressed caution on the use of cryptocurrencies, especially in democratic nations. Addressing the keynote address at The Sydney Dialogue, PM Modi said that it is important to ensure that cryptocurrency doesn't end up in the wrong hands.
"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 said.
He also said, "India’s industry and services sectors are undergoing massive digital transformation using technology for conversion of resources and protection of biodiversity."
Modi's address was preceded by introductory remarks by the Australian Prime Minister Scott Morrison, Prime Minister's Office said in a statement.
The Sydney Dialogue is being held from November 17-19. It is an initiative of the Australian Strategic Policy Institute. It aims to bring together political, business and government leaders to debate, generate new ideas and work towards common understandings of the opportunities and challenges posed by emerging and critical technologies.
Meanwhile, according to a recent report, India is likely to bar the use of cryptocurrencies for transactions or making payments, but allow them to be held as assets like gold, shares or bonds. The report, citing sources familiar with the government's thinking, said this approach would avoid implementing a complete ban, though the government was keen to stop crypto companies, including exchanges and platforms, from actively trying to attract new investors.
India's digital currency market was worth $6.6 billion in May 2021, compared with $923 million in April 2020, according to blockchain data platform Chainalysis.
RBI Governor Shaktikanta Das had also reiterated the central bank's concerns at an event on Tuesday, saying there was a need for deeper discussions, and noting the lack of a well-informed debate in the public domain.
Also read: Cricketing legend Sunil Gavaskar launches NFT collection; here’s all you need to know
Also read: First-ever parliamentary meeting on regulations of cryptocurrencies today
Also read: Bitcoin's new upgrades to widen use; here's what you need to know
Prime Minister Narendra Modi on Thursday expressed caution on the use of cryptocurrencies, especially in democratic nations. Addressing the keynote address at The Sydney Dialogue, PM Modi said that it is important to ensure that cryptocurrency doesn't end up in the wrong hands.
"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 said.
He also said, "India’s industry and services sectors are undergoing massive digital transformation using technology for conversion of resources and protection of biodiversity."
Modi's address was preceded by introductory remarks by the Australian Prime Minister Scott Morrison, Prime Minister's Office said in a statement.
The Sydney Dialogue is being held from November 17-19. It is an initiative of the Australian Strategic Policy Institute. It aims to bring together political, business and government leaders to debate, generate new ideas and work towards common understandings of the opportunities and challenges posed by emerging and critical technologies.
Meanwhile, according to a recent report, India is likely to bar the use of cryptocurrencies for transactions or making payments, but allow them to be held as assets like gold, shares or bonds. The report, citing sources familiar with the government's thinking, said this approach would avoid implementing a complete ban, though the government was keen to stop crypto companies, including exchanges and platforms, from actively trying to attract new investors.
India's digital currency market was worth $6.6 billion in May 2021, compared with $923 million in April 2020, according to blockchain data platform Chainalysis.
RBI Governor Shaktikanta Das had also reiterated the central bank's concerns at an event on Tuesday, saying there was a need for deeper discussions, and noting the lack of a well-informed debate in the public domain.
Also read: Cricketing legend Sunil Gavaskar launches NFT collection; here’s all you need to know
Also read: First-ever parliamentary meeting on regulations of cryptocurrencies today
Also read: Bitcoin's new upgrades to widen use; here's what you need to know