Crypto could ‘spoil youth’, warns India’s PM

Narendra Modi, India’s Prime Minister, has warned younger generations about the threat Bitcoin poses.

In his keynote address at The Sydney Dialogue, hosted by the Australian Strategic Policy Institute, Modi spoke on the technology development India has experienced and how it could help guide the safety of cryptocurrency.

“India’s extensive experience with use of technology and policy for public good, inclusive development, and social empowerment can be of great help to the developing world,” the 71-year-old 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 youths.”

Modi’s comments on cryptocurrency come after a meeting with the Parliamentary Standing Committee on Finance on the proposed regulation of the digital asset industry which looks set to come into play next year.

A pushback on the rise of cryptocurrency in India has mainly come from Shaktikanta Das – governor of the Reserve Bank of India (RBI), who again raised his concerns over financial stability and the effects of crypto.

The position of the RBI hasn’t stopped the popularity of cryptocurrency spreading throughout the nation and despite the initial ban of crypto as a payment method in 2018, studies show the industry will grow more than 200% to reach $241m by 2030.