January 29, 2022

Great Indian Mutiny

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India warns youth against cryptocurrencies | Economy | DW

Indian Prime Minister Narendra Modi on Thursday (11/18/2021) warned the younger generation of the dangers posed by Bitcoin, adopting a militant tone as his government prepares to introduce legislation to regulate cryptocurrencies.

“It is important that all democracies work together on this (cryptocurrency) issue and see that it does not fall into the wrong hands that could corrupt our youth,” he told an online forum on cyber security. Australian Strategic Policy Institute.

According to critics of cryptocurrency, uncontrolled transfers – often anonymously – are the perfect tool for drug trafficking gangs, immigrant smugglers or money laundering groups.

India banned cryptocurrency transactions in 2018, two years before the ban was lifted by the country’s Supreme Court, a boom in the sector. Today, more than 100 million Indians have adopted virtual currencies, ranking fourth in terms of users over the United States, Russia and Nigeria, according to a report released in October 2021 by the Investment Portal. Broker Selector.

Many countries have begun to legalize police cryptocurrencies, and in many jurisdictions trading is now subject to the same rules as other financial service providers. In India, more and more voices are calling for a new ban, but the Modi government seems poised to adopt tougher restrictions by the end of 2021.

Ama (AFP, Reuters)

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