The Indian crypto ecosystem is fast-growing with a rising number of unicorns and crypto investments. The Indian Prime Minister Narendra Modi has urged governments to consider cryptocurrencies as tools that help democracy.
PM Modi made the remarks during his speech at the Democracy Summit. He also urged countries to consider social media and cryptocurrencies as tools to aid rather than undermine democracy.
The draft cryptocurrency bill has finally been tabled for consideration in India’s parliament, putting the country at a critical point in terms of crypto rules.
The finance minister has stated that the government will not impose a blanket ban on cryptocurrencies and will instead seek to regulate them as an asset class.
According to recent sources, Prime Minister Modi may make a final decision on the crypto bill before it is introduced in parliament.
Despite the government’s assurances, the mainstream media continues to spread panic among the general public. Several articles have been written based on the wordings of the old draft bill, alleging heavy penalties for crypto trading.
Despite the Indian government’s assurances that the bill’s wordings are comparable to the previous draft owing to the parliamentary procedure, this has been the case.
PM Modi’s remarks on crypto laws are eerily similar to those he made in an earlier speech on the subject. He has issued a warning against the misuse of the new technology and has urged for a unified policy framework. He stated, “
“Take cryptocurrency bitcoin, for example. It is important that all democratic nations work together on this and ensure it does not end up in (the) wrong hands, which can spoil our youth,”