Prime Minister Narendra Modi considers cryptocurrencies to be a danger. The youth could be spoiled by it.
(Photo: imago images / Hindustan Times)
Bangkok India’s Prime Minister Narendra Modi makes no secret of the fact that he sees cryptocurrencies as a danger rather than an opportunity. Digital currencies like Bitcoin are able to spoil the youth, he complained a few days ago at a technology symposium.
The world’s democracies need to work together to keep cryptocurrencies from falling into the wrong hands, he added.
The head of government of Asia’s third-largest economy initially left open what he meant by that. But now his government is more specific: On Tuesday evening, it announced a law with the aim of “banning all private crypto currencies”.
India would become the second major emerging country in Asia after China, which is relying on significantly stricter regulation of the crypto industry.
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