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Prime Minister of India, Narendra Modi tweeted about the crypto sphere saying democratic nations must team up to work on the industry together, and make sure that crypto doesn't appear in the wrong hands. Otherwise, it will spoil the youth, the politician wrote.
Modi expressed his opinion during the Sydney Dialogue organized by the Australian Strategic Policy Institute. Among the participants at the event are politicians, entrepreneurs, and government representatives. Delivering this speech, Modi emphasized the role of the digital age. He mentioned how digitalization makes changes in every industry, redefining politics, economy, and society. The PM talked about the advantages of tech advancement, as well as its negative impacts.
In particular, he mentioned risks and new forms of conflicts.
Modi expressed India's readiness to cooperate with its partners for shared security and prosperity. As Economic Times announced on November 17, citing government sources, India won't ban crypto, but won't legalize it as a legal tender either. Crypto is viewed as an asset class like gold or bonds.
Earlier, crypto representatives met government officials and discussed future plans for the development and regulation of the industry.