Prime Minister Modi Says Cryptocurrency Should Be Used to Boost Democracy, Not Harm It

11 December 2021

Prime Minister Narendra Modi said on Friday that emerging technologies such as cryptocurrencies should be used to strengthen democracy, not undermine it.

Indian policymakers say unregulated transactions in digital currencies could undermine macroeconomic and financial stability. After initially planning to ban cryptocurrencies, the Modi instead, the government is considering legislating to regulate their use.

“We must (…) jointly shape global standards for emerging technologies such as social media and cryptocurrencies so that they are used to strengthen democracy, not undermine it,” Modi said at the meeting. ‘a virtual summit organized by the American president. Joe biden.

It is estimated that there are between 15 and 20 million cryptocurrency investors in India, with total crypto holdings of around Rs. 40,000 crore, according to industry estimates. The government does not provide any official data.

Recently, Duvvuri Subbarao, the old one Reserve Bank of India (RBI) governor, has expressed concerns about cryptocurrencies. Subbarao said that if legalized, cryptocurrencies can deprive the central bank of its control over money supply and inflation management in the country. Subbarao shared his assessment during a webinar hosted by the National Stock Exchange (NSE) and the Stern School of Business at New York University (NYU) this week.

The developments come as India’s plan to ban all private cryptocurrencies from operating in the country was placed on the agenda to be discussed during the current winter session of Parliament in the month. last.

The bill also seeks to ensure that those who break the law are arrested without a warrant and held without bond in addition to facing heavy fines.

The bill will be presented to the Indian parliament after obtaining the approval of the Union Cabinet.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple podcasts, Google podcasts, Spotify, Amazon Music and wherever you get your podcasts.


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