PM Modi warns young gen against cryptocurrency buying
New Delhi : Making his first public comment on the use of cryptocurrency, PM Narendra Modi said that cryptocurrency comes with a risk and young generation should be cautious; he also mentioned that his government is preparing a legislation to regulate digital currencies.
Prime Minister's caution comes days after he held a discussion on how to move forward on cryptocurrency in India.
Speaking at the Sydney Dialogue, a forum on emerging, critical and cybertechnologies, PM Modi framed virtual money, which is highly popular in India and exists beyond state and central bank control, as a domain that needs to be closely policed.
"Take cryptocurrency or bitcoin, for example," the Prime Minister told a forum hosted by the Australian Strategic Policy Institute. "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 youths."
Recently, the Finance Minister had said that it is not possible to stop cryptocurrency and with this they will regulate it.
Earlier a report said that the government could bar the use of cryptocurrencies for transactions or making payments, but could allow them to be held as assets like gold, shares or bonds.
Cryptocurrency have been in question for a long time as experts suggest that it can be a great tool for drug traffickers, people smugglers or money laundering.