PM Narendra Modi again said important thing on Cryptocurrency, what are the signs

Prime Minister Narendra Modi has said that emerging technologies like cryptocurrencies should be used to empower democracy, not to weaken it. Policy makers in India say that irregular transactions in digital currencies can harm the country’s economic and financial stability. After initially planning to ban cryptocurrencies, the Modi government is now considering bringing in a law to regulate the use of cryptocurrencies.

Prime Minister Modi said at a virtual summit hosted by US President Joe Biden, “We must jointly shape global norms for emerging technologies like social media and cryptocurrencies, so that they can be used to empower democracy, not to weaken.”

There are an estimated 15 million to 20 million cryptocurrency investors in India. Industry estimates that
The total crypto holdings is around Rs 40,000 crore. Although the government does not provide any official data regarding this.

Recently Duvvuri Subbarao, former Governor of Reserve Bank of India (RBI) expressed his concern regarding cryptocurrencies. Subbarao said that cryptocurrencies, if legalised, could take away the RBI’s control over money supply and inflation management in the country. Subbarao shared his assessment while addressing a webinar organized by the National Stock Exchange (NSE) and the New York University (NYU) Stern School of Business this week.

Last month, the preparation of the central government was also revealed, in which it is planning to ban the operation of all private cryptocurrencies in the country. A bill related to this has been listed for discussion in the winter session of Parliament.

On the first day of the winter session, in response to many questions related to cryptocurrency, Finance Minister Nirmala Sitharaman has told that the government has no such proposal, in which it is talk of giving currency status to bitcoin in the country. The government was also asked whether crypto trading is legal in the country and whether cryptocurrency exchanges have got legal permission.

This was denied by the Finance Minister while giving a written reply in the House. It was answered that it is not so. The government was also asked whether it collects data on bitcoin transactions happening in the country. To this also the Finance Minister replied in the negative and said that the government does not collect any data of bitcoin transactions.