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Crypto, Prime Minister Narendra Modi addressed cryptocurrencies for the first time today, stating that the world’s democracies must work together to ensure that they “do not wind up in the wrong hands.”

PM Modi’s warning comes just days after he met with industry leaders to discuss how India should proceed with cryptocurrencies, amid concerns that unregulated cryptocurrency exchanges might be used for money laundering and terrorist financing.

He claims that technology and data are becoming new weapons and that democracies must work together on data governance principles.

The Reserve Bank of India (RBI), the Finance Ministry, and the Home Ministry, as well as experts, met with Prime Minister Narendra Modi on Saturday to discuss cryptocurrency. It was discussed in the conference that attempts to deceive the youth through over-promising and non-transparent advertising must be halted.

The Prime Minister remarked in his speech that the Digital Age is “changing everything around us” and has reshaped politics, the economy, and society. “New questions about sovereignty, governance, ethics, law, rights, and security have arisen as a result. International competitiveness, power, and leadership are all being reshaped as a result of it “he stated

“However, new threats and modes of warfare are emerging across a wide range of threats, from the seabed to cyberspace to space. Technology has already established itself as a major tool of global competition and a vital factor in determining the future international order.”

Shaktikanta Das, the governor of the Reserve Bank of India, has also warned that India has to have far more in-depth conversations about cryptocurrencies. When the central bank declares that there are major concerns about macroeconomic and financial stability, it is implying that there are considerably more serious challenges at hand. I have yet to witness genuine, well-informed debates on these topics in the public sphere.

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