PM Modi gave this big statement on Cryptocurrency...

PM Modi gave this big statement on Cryptocurrency...

Giving the example of cryptocurrencies like bitcoin, the PM said that all democratic countries should work together on this and ensure that it does not fall into the wrong hands, otherwise it can harm our youth.

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Prime Minister Narendra Modi has urged cooperation among the democracies of the world to ensure that cryptocurrencies like bitcoin do not fall into the wrong hands. This statement of PM Modi is also important because the central government is making new rules for digital currency. The PM said this while participating virtually in the Sydney Dialogue. Sydney Dialogue is a forum focused on cyber technologies. While the prime minister did not elaborate on those fears, authorities in India and other countries have cautioned against the dangers of cryptocurrencies used by terrorist groups and organized crime, and the risks they pose to economies.

After praising the opportunities arising out of cyber-age technologies, PM Modi called for caution with regard to digital currencies. Giving the example of cryptocurrencies like bitcoin, the PM said that all democratic countries should work together on this and ensure that it does not fall into the wrong hands, otherwise it can harm our youth.

PM Modi on Saturday chaired a meeting to discuss cryptocurrencies. The newspaper has said that the rules being drafted can be met for review by the cabinet in two to three weeks. It is also worth noting that in September, regulators in China banned all cryptocurrency transactions and their mining. Bitcoin, the world's largest cryptocurrency, is at the level of $60,000 (about Rs 44.5 lakh) and has more than doubled in value since the beginning of this year.

According to blockchain data platform Chainalysis, India's digital currency market was worth $6.6 billion (approximately Rs 48,920 crore) in May 2021, compared to $923 million (about Rs 6,840 crore) in April 2020..

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