Cryptocurrency can ‘spoil’ young people – Modi — Analysis

As India is mulling new rules for digital money, Prime Minister Narendra Modi has called for regulations to ensure cryptocurrencies like bitcoin do not “end up in the wrong hands,” warning that this could “spoil” young people.

Modi, though he didn’t expand upon those worries on Thursday, spoke about the necessity for “democratic nations”to work with others and overcome emerging technology challenges. The Sydney Dialogue is an annual cyber-tech summit. He gave a virtual address.

It is important to note that data and technology could be used in both a positive or negative way. “new weapons”For conflict or “instruments of cooperation,”Modi mentioned digital currencies, as an example of why it was crucial that nations like-minded are connected. “workTogether on this” to “ensure it does not end up in the wrong hands, which can spoil our youth.”

It is an historic time for choice. We are at a historic moment of choice. Will all the incredible technology available in our time be used to create cooperation or conflict? Or will they serve as tools of coercion, choice or choice, dominion or development, oppression and opportunity?

He called for the creation of governance and technical standards, focusing on the use of data. And he called for renewed efforts in order to stop manipulation of public opinion. Recent weeks have seen concerns raised by Indian authorities about claims that cryptocurrency investments could yield huge profits, as well as their potential links to money laundering and organized crime, as well as the possibility of terrorist financing.

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Bitcoin crashes after China rules all crypto-related transactions illegal

On Saturday, Modi chaired a meeting to formulate the country’s approach to digital currencies and examine their impact on the economy. The Economic Times reports that Indian officials are currently drafting regulations for a ban on transactions in cryptocurrency and payment. However, investors can hold them as assets similar to stocks, bonds, and gold.

Citing unnamed sources familiar with the government’s discussions, the newspaper said there was a belief in policy circles that crypto markets needed to be regulated in order to tackle the problem of opaque advertising that exaggerates investment returns in order to attract young investors.

The sources informed the newspaper that draft legislation on the matter was expected to be forwarded to Modi’s cabinet for consideration in the next two to three weeks.

China has banned crypto-mining and cryptocurrency transactions since September.

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