PM Narendra Modi on cryptocurrency, alert for youngsters - YP Buzz Finance

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      In his first public comment on cryptocurrencies, Prime Minister Narendra Modi on Thursday warned that bitcoin poses a threat to younger generations as his government prepares to introduce a law to regulate digital currencies.

                                

Crypto Currency

The Prime Minister's warning comes days after he held talks on how to move forward with cryptocurrency in India, and concerns raised in unregulated crypto markets that are becoming the means of money laundering and terrorist financing.


Speaking at the Sydney Dialogue, a platform for emerging, critical technology and cybertechnologies, PM Modi has made a significant contribution, which is very popular in India and exists outside the control of the central bank and central bank, as a facility that needs close police attention.


"Take cryptocurrency or bitcoin, for example," the Prime Minister told a forum hosted by the Australian Strategic Policy Institute. “It is important that all democracies work together on this and ensure that it does not end up in the wrong hands, which could harm our youth.


The institute is reviewing the regulatory framework for managing and overseeing cryptocurrency investing.


Earlier the report stated that the government could not restrict the use of crypto currency in transactions or payments, but could allow them to be treated as assets such as gold, stocks or bonds.


Critics of cryptocurrensets suspect that anonymous unclaimed transfers make them the perfect tool for drug traffickers, human traffickers or money launderers.


Several countries have already begun drafting legislation to introduce cryptocurrency regulation, and exchanges in many areas are now subject to the same regulations as other financial services providers.


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