Indian Prime Minister Calls for the Collaboration of Fellow Democratic Countries to Promptly Regulate Cryptocurrencies

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Narendra Modi, Indian Prime Minister, argued at the recently held Sydney Dialogue that democratic countries must combine their efforts to tap into the full potential of blockchain technology and cryptocurrencies. In his supplementary post on Twitter, he also stated that such innovations could easily fall into the wrong hands without the collaboration of said countries. Modi believes that the unethical utilization of cryptocurrencies could lead to the destruction of future generations.

To be a bit more specific, the Indian Prime Minister called upon his country, Australia, and other Indo-Pacific territories to huddle up and invest together towards the future of the emerging asset class, particularly how to promptly regulate it. Modi adds that cryptocurrencies should be molded into a financial instrument that abides with national rights while promoting widespread investments, trades, and the broader public good.

Prime Minister Modi’s recent comments have reawakened the discussions regarding India’s efforts to impose a more comprehensive regulatory infrastructure for the particular industry. Before Modi’s statement, such efforts have already led to numerous high-profile discussions, including one that involves the country’s top financial agencies, such as the Reserve Bank of India (RBI), the Home Ministry, and the Finance Ministry. Not only that, but the particular meeting mentioned also involved several crypto experts and some of the industry’s most recognizable names from within and outside the country.

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