Indian Prime Minister says crypto can ‘spoil the youth,’ calls for protection

Prime Minister Narendra Modi, on Thursday, addressed the rising questions surrounding crypto and urged nations to work together in sync to support crypto trading and ensure that it does not fall into the hands of “wrong people.”

PM Modi, while delivering a keynote address at The Sydney Dialogue, apprised how India is always prepared to embrace new technologies. “We’ve offered our Cowin platform to the entire world for free and made it open-source software. India’s extensive experience with the use of technology and policy for the public good, inclusive development, and social empowerment can be of great help to the developing world,” PM Modi said.

However, he added that cryptocurrency is one such technology that needs to be handled with extreme supervision to ensure the protection of the country’s youth.

PM Modi comments on Bitcoin and crypto

Modi then spoke about crypto and Bitcoin, and how cryptocurrency is slowly being adopted by the world. 

He addressed primary concerns associated with crypto and urged nations to come together and ensure that crypto-related activities are not maligned by people and organizations for sponsoring illegal ventures.

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

The Indian finance officials are currently in process of drafting the country’s first crypto law that aims at regulating cryptocurrency trading in India. India intends to accommodate cryptocurrency in the “asset class” to impose proper taxation and treat it like another investment alternative.

As per local news outlet Mint, the new crypto law might be introduced in the winter session of the parliament later this month.

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