NEW DELHI (Reuters) – Indian Prime Minister Narendra Modi stated on Friday that rising applied sciences equivalent to cryptocurrencies must be used to empower democracy, not undermine it.
Policymakers in India say unregulated transactions in digital currencies may harm macroeconomic and monetary stability. After initially planning to ban cryptocurrencies, the Modi authorities is as a substitute contemplating laws to manage their use.
“We should … collectively form world norms for rising applied sciences like social media and cryptocurrencies in order that they’re used to empower democracy, to not undermine it,” Modi advised a digital summit hosted by U.S. President Joe Biden.
There are an estimated 15 million to twenty million cryptocurrency traders in India, with whole crypto holdings of round 400 billion Indian rupees ($5.29 billion), based on business estimates. The federal government doesn’t present any official information. ($1 = 75.6380 Indian rupees)