Discussions about cryptocurrencies have intensified during the past few days. Today Prime Minister Narendra Modi also expressed his concern about this while speaking in the Sydney Dialogue. He said that it should not fall into the wrong hands. At the same time, while stating the importance of the digital age, he said that technology and data are the biggest weapons in today’s time. Let us tell you, Prime Minister Narendra Modi had also held a high level meeting on cryptocurrencies a few days back.
What PM Modi said on cryptocurrency
The Prime Minister said, ‘All democratic countries have to work together on this. At the same time, we also have to try that it does not fall into the wrong hands. This can ruin our youth. He said, ‘From ocean to cyber, new threats have emerged. Technology is playing a big role in global competitiveness.
Take crypto-currency or bitcoin for example.
It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth: PM @narendramodi
— PMO India (@PMOIndia) November 18, 2021
What is RBI’s stand on cryptocurrencies
Have raised their objections to cryptocurrencies. The central bank says cryptocurrencies pose a serious threat to macroeconomic and financial stability. Reserve Bank Governor Shaktikanta Das, at an event, reiterated his views on not allowing cryptocurrencies, saying that the currency does not come under the regulation of central banks. In such a situation, it is a big risk for any financial system.
RBI will bring its own digital currency
Reserve Bank of India may bring a model of digital currency by the end of this year. T Ravi Shankar, deputy governor of the central bank, said this on 6 August 2021. Then he said that it is difficult to tell the date of introduction of digital currency. We may bring a model of this in the near future, possibly by the end of this year.