AGL 5.41 Decreased By ▼ -0.09 (-1.64%)
ANL 8.71 Increased By ▲ 0.02 (0.23%)
AVN 76.16 Increased By ▲ 0.32 (0.42%)
BOP 5.17 Decreased By ▼ -0.01 (-0.19%)
CNERGY 4.47 Decreased By ▼ -0.04 (-0.89%)
EFERT 81.21 Increased By ▲ 0.12 (0.15%)
EPCL 49.17 Decreased By ▼ -0.83 (-1.66%)
FCCL 12.69 Increased By ▲ 0.16 (1.28%)
FFL 5.59 Increased By ▲ 0.07 (1.27%)
FLYNG 6.98 Increased By ▲ 0.03 (0.43%)
FNEL 4.63 Decreased By ▼ -0.02 (-0.43%)
GGGL 8.59 Increased By ▲ 0.01 (0.12%)
GGL 14.06 Decreased By ▼ -0.19 (-1.33%)
HUMNL 5.49 Decreased By ▼ -0.10 (-1.79%)
KEL 2.60 Increased By ▲ 0.06 (2.36%)
LOTCHEM 27.75 Decreased By ▼ -0.23 (-0.82%)
MLCF 23.56 Decreased By ▼ -0.14 (-0.59%)
OGDC 71.45 Decreased By ▼ -0.19 (-0.27%)
PAEL 15.23 Increased By ▲ 0.14 (0.93%)
PIBTL 4.90 Increased By ▲ 0.01 (0.2%)
PRL 15.75 Decreased By ▼ -0.06 (-0.38%)
SILK 1.05 Decreased By ▼ -0.02 (-1.87%)
TELE 9.00 Increased By ▲ 0.06 (0.67%)
TPL 7.16 Increased By ▲ 0.13 (1.85%)
TPLP 19.14 Increased By ▲ 0.83 (4.53%)
TREET 20.99 Decreased By ▼ -0.04 (-0.19%)
TRG 136.92 Increased By ▲ 2.37 (1.76%)
UNITY 16.74 Increased By ▲ 0.11 (0.66%)
WAVES 9.10 Decreased By ▼ -0.22 (-2.36%)
WTL 1.37 Increased By ▲ 0.01 (0.74%)
BR100 4,155 Increased By 0.1 (0%)
BR30 15,335 Increased By 46.6 (0.3%)
KSE100 41,540 Decreased By -72.7 (-0.17%)
KSE30 15,365 Increased By 5 (0.03%)
Follow us

MUMBAI: Indian Prime Minister Narendra Modi urged cooperation between the world's democracies to ensure cryptocurrencies like Bitcoin do not "end up in the wrong hands", delivering the comments while his government drew up new rules for digital currencies.

Modi did not elaborate on those fears in his speech delivered virtually to the Sydney Dialogue, a forum focused on emerging, critical and cyber technologies.

But authorities in India and elsewhere have flagged the dangers of cryptocurrencies being used by terrorist groups and organised crime, and the destabilising risk they posed to national economies.

After extolling the opportunities presented by cyber age technology, Modi sound a note of caution regarding digital currencies.

"Take cryptocurrency or Bitcoin, for example. It is important that all democratic nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youth," Modi said.

Bitcoin, ether nurse losses, lurk near critical levels

Indian officials currently drafting regulations are likely to propose a ban on all transactions and payments in cryptocurrencies, while letting investors hold them as assets,like gold, bonds and stocks, the Economic Times newspaper reported on Wednesday.

Modi chaired a meeting to discuss India's approach to cryptocurrencies on Saturday, and the Economic Times said his cabinet could receive the draft regulations for review within two to three weeks.

In September, regulators in China banned all cryptocurrency transactions and mining of cryptocurrency.

Bitcoin, the world's biggest cryptocurrency, is hovering around the $60,000-level, having more than doubled its value since the start of this year.

India's digital currency market was worth $6.6 billion in May 2021, compared with $923 million in April 2020, according to blockchain data platform Chainalysis.

Comments

Comments are closed.

India's Modi urges democracies cooperate to make cryptocurrencies safe

FIR registered in Arshad Sharif’s murder on Supreme Court’s order

Fight against terrorism to continue till establishment of enduring peace, stability: Gen Asim Munir

Rupee remains under pressure, settles at 224.11 against US dollar

Sanaullah urges PTI leaders to use parliament for discussion on next general elections

Unity Foods to invest nearly Rs2bn in Sunridge Foods subsidiary

CDA decides to de-seal Centaurus Mall

India well placed to face global headwinds: World Bank

Ukraine slams India for buying Russian oil

Oil prices fall on higher U.S. dollar, economic fears

Goldman Sachs on hunt for bargain crypto firms after FTX fiasco