After praising the opportunities arising out of cyber-age technologies, PM Modi called for caution with regard to digital currencies. Giving the example of cryptocurrencies like bitcoin, the PM said that all democratic countries should work together on this and ensure that it does not fall into the wrong hands, otherwise it can harm our youth. The price of bitcoin in India stood at Rs 48.8 lakh as of the writing of the news on 18 November.
According to a report in the Economic Times, Indian officials are drafting rules that may propose a ban on all transactions and payments in cryptocurrencies, while allowing investors to convert them into assets such as gold, bonds and stocks. Will be allowed to keep
PM Modi on Saturday chaired a meeting to discuss cryptocurrencies. The newspaper has said that the rules being drafted can be met for review by the cabinet in two to three weeks. It is also worth noting that in September, regulators in China banned all cryptocurrency transactions and their mining. Bitcoin, the world’s largest cryptocurrency, is at the level of $60,000 (about Rs 44.5 lakh) and has more than doubled in value since the beginning of this year.
According to blockchain data platform Chainalysis, India’s digital currency market was worth $6.6 billion (approximately Rs 48,920 crore) in May 2021, compared to $923 million (about Rs 6,840 crore) in April 2020.