The Indian Prime Minister Narendra Modi addressed the Sydney Dialogue yesterday, where he talked about India’s success in the Digital sector and Artificial Intelligence. However, what caught everyone’s attention was his comments on the crypto market and Bitcoin. He said all democratic countries should come together to ensure Bitcoin and crypto-assets don’t end up in the wrong hands.
“It is important that all democratic nations work together on this and ensure that it does not end up in the wrong hands, which can spoil our youths.”
Take crypto-currency or bitcoin for example.
It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth: PM @narendramodi
— PMO India (@PMOIndia) November 18, 2021
Indian PM’s comments on Bitcoin and crypto might seem like what many other government leaders have repeated in the past, but what makes these comments crucial is the timing. India is reportedly in the final stages of developing new frameworks for crypto use. Inside reports have claimed that the government wants to regulate cryptocurrencies as an asset class and bar their use in the payment sector.
India Hopes For Clear Regulations Soon
Indian crypto ecosystem is thriving at the moment despite the uncertainty around regulations for so long. The country has produced a number of crypto unicorns and some of the finest crypto companies in the making. In Fact, even at a time when the RBI and the Central government were adamant about banning crypto use altogether, the crypto community in India fought a legal battle and carried out mass education programs to educate the common public.
The Indian Central Bank RBI still maintains a passive stance on crypto and believes it could have a long-lasting impact on the economy if used as a payment tool. In fact, many believe the ban on crypto payments was pushed by the RBI itself. However, key crypto exchange operators in the country believe regulating crypto as an asset class is also a good start given the government was not ready to listen to that either.