"International collaboration necessary to ensure proper use of crypto", says Modi

PM Modi

Delivering the keynote speech at the inauguration of The Sydney Dialogue, PM  Modi appealed for forging alliances and partnerships between democratic nations with regards to cryptocurrency to ensure that it does not "end up in wrong hands", which could potentially delude or spoil the youth.

At the dialogue,  Prime Minister Modi also spoke about India's rapid and positive tryst with technology, on the theme of India's technological evolution and revolution.

PM Modi had earlier alluded to the potentially "misleading and delusive" advertisements that are currently running on various platforms by crypto exchanges and the need to rein them in, especially from the perspective of a first-time investor. Following that, stakeholders in this space have agreed to go easy on the advertisements, with WazirX refraining from advertising on print and digital platforms at present.

With speculations of crypto to be considered for regulation as an asset class like gold, bonds, and not for transactional purposes, the crypto bill is likely to be tabled in the winter session of the parliament, which is likely to take place between November 29-December 13, 2021. On the other hand, RBI governor Shaktikanta Das has, yet again, raised concerns about cryptocurrency, mentioning that "there are far deeper issues involved".

Das also stated that he is yet to see a serious discussion around cryptocurrency and that blockchain technology can thrive without crypto as well, as it has been for the last decade.