India : Narendra Modi Supports Cryptocurrency , Look what he Said | Trendsfirst

On Friday, Indian Prime Minister Narendra Modi stated that emerging technology such as cryptocurrency should be used to strengthen rather than weaken democracy.

Unregulated digital currency transactions, according to Indian policymakers, could jeopardize macroeconomic and financial stability. Instead of banning cryptocurrencies, the Modi administration is drafting laws to restrict their use.

"We must ... jointly shape global norms for emerging technologies like social media and cryptocurrencies so that they are used to empower democracy, not to undermine it," Modi told a virtual summit hosted by U.S. President Joe Biden.

According to industry estimates, India has 15 million to 20 million cryptocurrency investors, with total crypto holdings of roughly 400 billion Indian rupees ($5.29 billion). No official data is provided by the government. 75.6380 Indian rupees = $1

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