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Must ensure cryptocurrency does not end up in the wrong hands: Modi

Must ensure cryptocurrency does not end up in the wrong hands: Modi

Speaking in a digitised address at the Sydney Dialogue on crypto-technology. Prime Minister Narendra Modi hailed the new 'digital age' as one with great advancements in technology but also warned that governments should be taking steps to ensure that such advances - like cryptocurrency - would not fall into the wrong hands and 'spoil the youth'. This address follows days after the Prime Minister attended a meeting discussing the government's stand on cryptocurrency.

The internet currency trade has elicited the interest and worry of governments across the world as the Indian government has also raised fears that unregulated cryptocurrency may be used to finance terrorism and encourage money-laundering activities. Reports suggest that the government may table a comprehensive bill on cryptocurrency regulation in the coming months.

A report in the Economic Times said yesterday said the government could bar the of cryptocurrencies for transactions or making payments, but could allow them to be used as assets like gold, shares or bonds. Prime Minister Narendra Modi's meeting on Saturday regarding cryptocurrency was an outcome of a consultative process that involved the Reserve Bank of India (RBI), Finance Ministry and Home Ministry, along with experts. Attempts to mislead the youth through 'over-promising' and non-transparent advertising were discussed in the meeting according to reports.

RBI Chief Shaktikanta Das told the media that there were 'far deeper issues' involved in cryptocurrency trading that the government would need to look into, including the macroeconomic and financial stability aspects. At the SBI Banking and Economic Conclave held on November 16, the RBI head said that he was yet to see any serious discussions on cryptocurrency. The blockchain technology is 10 years old and the technology can grow even without cryptocurrencies, he said.

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TAGS:Narendra ModiTechnologyCryptocurrencyEconomy#RBIBusinessIndia
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