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PM Modi calls for all democratic nations to come together and work on cryptocurrency!

Bitcoin | PM Modi | India | 30th November 2021 | Virtual Wire

 

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PM Modi in a speech at Sydney Dialogue spoke and expressed concern regarding cryptocurrency's ill unethical use and urged all democratic nations to work together on cryptocurrency.

While everything digitalizing and increasing interest of youth in digital currency it has become so important to have a regulatory body to manage cryptocurrency investments. India has millions of investors of cryptocurrency and hence PM Modi said - "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 youth,"

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There have been long talks before too that if government of India will make a law regarding cryptocurrency and its use. But action is yet to be taken. Recently a meeting was also chaired by PM Modi discussing cryptocurrency. A bill regarding the law for regulation of cryptocurrency is also supposed to be brought in parliament soon. Remarks made by PM also suggest that India is all set to normalise cryptocurrency which indeed is a good sign for investors but it would be a bit early to assume that.


RBI chief Shaktikanta Das few days ago also spoke and showed concern on cryptocurrency use, he said in an event “I would only like to say that when the RBI as the central bank of the country, which is entrusted with the responsibility of maintaining financial stability, after due internal deliberation says that there are serious concerns on macro-economic and financial stability, there are deeper issues. I’m yet to see serious, well-informed discussion in the public space on these issues,” This clearly shows how cautious and serious government of India is regarding cryptocurrency.


What is cryptocurrency and why is it a hot topic of the current times?

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Cryptocurrency is a digital or virtual currency that can be used as payment online. Many companies around the world have started accepting Cryptocurrency as form of payment in exchange of goods and services and many have even started their own digital currency in form of tokens. To buy cryptocurrency one needs to trade in real currency. The reason why it is being discussed a lot is because people see cryptocurrencies' as future as they are decentralised and are profitable. Bitcoin is an example.

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