According to the Reuters report, Indian Prime Minister Narendra Modi said on Friday that emerging technologies such as cryptocurrencies should be used to empower democracy, not undermine it. Policymakers in India say unregulated transactions in digital currencies could hurt macroeconomic and financial stability. After initially planning to ban cryptocurrencies, the central government of India is considering legislation to regulate their use instead.
“Cryptocurrencies should be used to empower democracy, not to undermine it.”
“We must … jointly shape global norms for emerging technologies like social media and cryptocurrencies so that they are used to empower democracy, not to undermine it,” the Indian Prime Minister told a virtual summit hosted by U.S. President Joe Biden. According to industry estimates, there are an estimated 15 million to 20 million cryptocurrency investors in India, with total crypto holdings of around 400 billion Indian rupees. However, there is no official government data to report the same. The Indian central government will introduce a crypto regulation bill in the current session of the parliament, which is expected to lay out the framework for the crypto industry.
Indian Prime Minister had urged democratic countries to come together to regulate cryptocurrencies.
As reported earlier, Indian Prime Minister Narendra Modi addressing the Sydney Dialogue via video conference said democratic nations must work together to ensure cryptocurrency does not end up in the wrong hands and spoil our youth. Indian PM spoke about cryptocurrencies and India’s digital revolution during the conference. Underlining the impact of the Digital Age, Indian Prime Minister Narendra Modi today said, “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,” he noted.