Indian Prime Minister: Bitcoin Could Spoil Our Youths

Indian Prime Minister Narendra Modi has reportedly said that Bitcoin could spoil the younger generation if cautionary measures are not put in place.

Modi further called out to countries worldwide to join hands together in making sure that Bitcoin does not end up in the wrong hands as that might negatively affect the youths.

“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.”

The Prime Minister made the statement while speaking at an online cyber security forum hosted by the Australian Strategic Policy Institute.

India’s 3-Year Tussle With Crypto

In 2020, the Supreme Court of India dismissed the crypto ban that was instigated in 2018 by the country’s central bank. The ruling made it possible for all crypto traders in the country to once again perform any crypto-related operations freely and without hindrance from authorities.

Earlier this year, the government considered creating a new committee to examine the possibility of regulating cryptocurrencies in the country in a way that won’t completely shut it off.

But shortly after, it began to look as though cryptocurrencies would be once again banned as the thought of providing regulations seemed forgotten. Reports suggested that the Indian government began deliberating on how to completely stop its citizens from using crypto assets as means of payment and to stop the use of crypto assets in funding illegitimate activities.

However, more reports revealed that the South-Asian country is not planning to completely shut its doors on cryptocurrencies but rather wants to take a middle approach, classifying them not as currencies but as assets.

Industry experts are hopeful that India will choose to regulate cryptocurrencies instead of issuing a blanket ban. 

Meanwhile, it is worth noting that unlike India, some countries are recognizing cryptocurrencies such as Bitcoin for their present and potential advantages. One such nation is the Central American country, El-Salvador, who in June this year  officially adopted bitcoin as a legal tender.