India’s Modi Asks Democracies to Cooperate on Crypto

The Indian Prime Minister said crypto can “spoil our youths.”

Nov 18, 2021 at 5:43 a.m. UTC
Updated Nov 18, 2021 at 3:31 p.m. UTC

Democratic countries should work together to ensure crypto “doesn’t end up in the wrong hands” and “spoil our youths,” Indian Prime Minister Narendra Modi said in a speech on Thursday.

  • Modi delivered a virtual keynote address at the Sydney Dialogue, an annual summit on emerging technology, on Nov. 18. Representatives from major governments like Japan and Australia are also set to speak at the event.
  • Indian youth have been at the center of a debate around crypto advertisements in the country over the past few months. The government is reportedly planning to ban crypto exchanges from actively soliciting customers.
  • In his speech, the Prime Minister said the world is at a “historic moment of choice” when it is undecided whether emerging technology will be used for “cooperation or conflict, coercion or choice, domination or development, oppression or opportunity,” and that democracies should cooperate to figure out ways to safeguard their interests while allowing for innovation.
  • India’s government is finalizing a highly anticipated bill that would regulate cryptocurrencies. The bill will likely ban the use of crypto for settling transactions, but allow investing in crypto assets, the Economic Times reported on Wednesday.

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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.