Sushmita PandaAll materialsIn India at present, more than 100 million people have some sort of stake in cryptocurrency, putting the country behind the United States, Russia and Nigeria in the proportion of users exposed to the new form of money, according to experts. Virtual money critics believe that it may lead to money laundering and smuggling.During a virtual keynote speech at the Sydney Dialogue, Indian Prime Minister Narendra Modi on Thursday said that cryptocurrencies must not fall into the “wrong hands” as it has the potential to “spoil our youth”. He also urged the democratic nations to unite to ensure this doesn’t happen. This comes as the Indian government is planning to introduce legislation to regulate digital currencies. “Take cryptocurrency 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 youths,” Modi told a forum hosted by the Australian Strategic Policy Institute.
Speaking at the virtual event, Modi emphasised that virtual money which is getting increasingly popular in India is beyond the government control currently and needs to be closely monitored.
Reportedly, the Prime Minister conducted a high-level meeting over issues related to bitcoin and the concerns over the unregulated crypto market in India and its possible impact last week.