India warns youth against cryptocurrencies

India warns youth against cryptocurrencies
India warns youth against cryptocurrencies

"It is important that all democratic nations work together on this issue and ensure that it does not end up in the wrong hands," said Narendra Modi.


The Indian Prime Minister, Narendra Modi, warned this Thursday (11.18.2021) about the risks that bitcoin presents for young generations, adopting a bellicose tone when his government is about to introduce legislation to regulate cryptocurrencies.


"It is important that all democratic nations work together on this (cryptocurrency) issue and ensure that it does not end up in the wrong hands, which could corrupt our young people," he said in an online forum on cybersecurity, organized by the Australian Strategic Policy Institute.


According to critics of cryptocurrencies, unregulated transfers - largely anonymous - make them a perfect tool for drug smuggling, migrant smuggling, or money laundering groups.

   

India banned cryptocurrency transactions in 2018 before the ban was overturned by the country's highest court two years later, leading to a boom in the sector. Today, more than 100 million Indian people have adopted virtual currencies, which places the country in fourth place behind the United States, Russia, and Nigeria in terms of users, according to a report published in October 2021 by the investment portal BrokerChooser...

   

Several countries have started legislating to police cryptocurrencies, and trading in many jurisdictions is now subject to the same rules as other financial service providers. In India, more and more voices are calling for a new ban, but the Modi government seems to prefer strict regulation, which could be adopted before the end of 2021.

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