Indian Prime Minister Narendra Modi spoke at ‘the Sydney Dialogue’ yesterday. He spoke about India’s success in the digital sector and artificial intelligence. However, what caught everyone’s attention were his comments about the crypto market and Bitcoin.
Crypto must not end up in the wrong hands
The Prime Minister of India said that all democratic countries should work together to ensure that Bitcoin and crypto assets do not fall into the wrong hands.
“It is important that all democratic nations work together on this and ensure that crypto does not fall into the wrong hands, which can spoil our young people.”
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 wrong hands, which can spoil our youth: PM @narendramodi
— PMO India (@PMOIndia) Nov 18, 2021
The Indian Prime Minister’s comments on Bitcoin and crypto may resemble what many other government leaders have said in the past, but what makes these comments crucial is the timing. India is reportedly in the final stages of developing new regulatory frameworks for crypto usage. Sources claim that the government wants to regulate cryptocurrencies as an asset class and ban their use in the payments industry.
The crypto market craves regulation
The Indian crypto ecosystem is thriving. This is despite the long-standing uncertainty surrounding the regulations. Residents of the country are extremely interested in the new technology. In fact, even at a time when the RBI and the central government wanted to ban crypto use, India’s crypto community was fighting a legal battle and conducting massive education programs to educate the people.
The Indian Central Bank still maintains a passive stance on crypto and believes it could have a long-lasting impact on the economy if used as a payment tool. In fact, many believe that the ban on crypto payments was pushed by the RBI itself. So there are many disagreements in the vast country. Still, friends and foes seem to agree that the crypto market is hungry for regulation.
