PM Narendra Modi wary of potential cryptocurrency uses

In this post:

TL;DR Breakdown

• Modi believes that it is reasonable to use new cryptocurrency-based technologies.
• PM Narendra Modi thinks that all countries should come together to study the crypto industry.

India is going through a tense time in crypto trading due to PM Narendra Modi’s quotes on the topic. Modi said he hopes the virtual market does not fall into the wrong hands. The top leader in India discussed new crypto technologies at a virtual event in Sydney.

Modi adds that the country in South Asia has built solid rules in which the protection of investor data is expected. However, India has gone through an unfinished picture regarding cryptocurrencies where it is not known if they will accept them or intend to regulate them.

PM Narendra Modi discusses cryptocurrencies in India

PM Narendra Modi

The leading Indian politician believes that countries should jointly invest in creating and developing new technologies, probably based on cryptos.

Modi states that many new technologies are becoming new power mechanisms that could bring development or problems depending on how they are used. The Indian primer minister was accurate in his statements showing he is prepared to accept cryptocurrencies. However, there are still doubts.

A virtual meeting in Sydney shows how new technologies will develop in cryptos

PM Narendra Modi clarified that countries’ main strength is their insertion and should not let their objectives interfere in their malfunction. But Modi adds that virtual commerce has made it possible to modify governance, society, and even the economy that everyone clung to.

Among the opinions, PM Narendra Modi also believes that many countries should create cryptocurrency-based technologies, such as Bitcoin. In this way, the new trade would be promoted, and thus, governments would not be delayed towards the new financial era. However, Modi cautions these new developments should not fall to the wrong people to avoid complications.

Before PM Narendra Modi’s statements, India had gone through an inconclusive picture of cryptocurrencies’ legal or illegal use. South Asia has shown its concerns about cryptos and their use in money laundering or supporting terrorist organizations. Several Indian politicians have suggested that meetings be held to talk about the cryptocurrencies future in the country, even since November began.

However, after Modi’s opinions, the crypto landscape in India is once again taking a favorable direction, and its use may be legalized. Modi also shows his support for new technologies such as 5G in mobile phones and Artificial Intelligence. India is looking to end the year 2021 with its introduction to the new technological world.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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