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Democracies must ensure cryptocurrencies do not end up in wrong hands: PM Modi

ANI | November 18, 2021 01:29 PM
Prime Minister Narendra Modi speaking at The Sydney Dialogue.

New Delhi [India], November 18 (ANI): Prime Minister Narendra Modi on Thursday urged democracies around the world to ensure that crypto-currencies or bitcoin do not end up in the wrong hands and spoil the youth.

Delivering a keynote address at The Sydney Dialogue, PM Modi said that it is essential for democracies to work together to create standards and norms for data governance.

"It should also recognise national rights and, at the same time, promote trade, investment and the larger public good," he said.

"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.

Last week, PM Modi had chaired a comprehensive meeting on the way forward for cryptocurrency and related issues. At the meet, discussions were held on the unregulated crypto currencies and how they cannot be allowed for money laundering and terror financing, government sources said.

The meeting was held after a consultative process done by the Reserve Bank of India, the Union Finance Ministry, and the Ministry of Home Affairs (MHA) in which global and Indian experts were consulted and global examples and best practices studied.

According to sources, the government strongly feels that attempts to mislead the youth through over-promising and non-transparent advertising have to be stopped.

It was also discussed that unregulated crypto markets cannot be allowed to become avenues for money laundering and terror financing. Sources said that the government is cognizant of the fact that this is an evolving technology hence it will keep a close watch and take proactive steps.

There was consensus also that the steps taken in this field by the Government will be progressive and forward-looking. The government will continue to pro-actively engage with the experts and other stakeholders. (ANI)

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