India's Modi urges democratic nations to work together on cryptocurrency

India’s Prime Minister Narendra Modi speaks during the “Accelerating Clean Technology Innovation and Deployment” session at the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain November 2, 2021. Jeff J Mitchell/Pool via REUTERS

MUMBAI (Reuters) – All democratic nations must work together to ensure cryptocurrency “does not end up in wrong hands, which can spoil our youth,” Indian Prime Minister Narendra Modi said on Thursday, in his first public comments on the subject.

The remarks came in a speech at the Sydney Dialogue as Modi’s government is still considering a regulatory framework required to manage and oversee investments made by millions of Indians in the digital currency.

Last week Modi chaired a meeting to discuss the future of cryptocurrencies amid concerns that unregulated crypto markets could become avenues for money laundering and terror financing, sources had told Reuters.

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