Today, Narendra Modi, India’s Prime Minister, warned that Bitcoin might affect the Indian youths adversely. Using a strong tone as the Indian government makes plans to propose crypto regulation laws.

The Prime Minister expressed his views during an online symposium on cybersecurity organized by the Australian Strategic Policy Institute. He revealed that digital currencies currently operating beyond the reach of the central bank and the government is an area requiring constant supervision.

Concerning Bitcoin and cryptocurrencies as a whole, he 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 youths.”

The unregulated nature of cryptocurrencies makes them a great tool for money launderers, human smugglers, and drug traffickers. Several nations have begun introducing cryptocurrency governance. Exchanges are not exempted from these rules as well. Also included are other companies offering financial services in some jurisdictions.

Crypto Industry Undergoes Recovery in India

India barred all crypto transactions back in 2018. However, just two years later, India’s highest court overturned this restriction. Due to this, the industry experienced resurgence because the large youthful population of the country responded to the advertising campaign where cricket and Bollywood stars were used.

As reported earlier, the popularity of cryptocurrencies among the Indian millennial is increasing. This is because this category of people prefers using digital assets compared to traditional means of investment. Also, data culled from crypto exchanges reveals that there’s an increase in investors residing in the smaller towns, buying Bitcoin, as well as other digital assets.

There have been increasing requests to get India to place another ban. Despite this, the administration of India looks set to defy these calls but rather place tough regulations, which may be effected by the end of 2021.


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