PM Modi urges democratic nations to work together on cryptocurrency

All democratic nations must work together to ensure cryptocurrency `does not end up in wrong hands, which can spoil our youth,` Indian Prime Minister Narendra Modi said on Thursday, in his first public comments on the subject.

Mumbai: Prime Minister Narendra Modi said on Thursday urged all democratic to work together on on cryptocurrency.

The PM urged to ensure cryptocurrency "does not end up in wrong hands, which can spoil our youth," during his speech at the Sydney Dialogue. The Central  government is still considering a regulatory framework required to manage and oversee investments made by millions of Indians in the digital currency.

Last week Modi chaired a meeting to discuss the future of cryptocurrencies amid concerns that unregulated crypto markets could become avenues for money laundering and terror financing, sources had told Reuters.

Meanwhile, 

RBI Governor Shaktikanta Das on Tuesday expressed his concerns over cryptocurrencies, saying there are "far deeper issues" involved in virtual currencies that could pose a threat to the country's economic and financial stability.

The statement comes within a few days of the Prime Minister holding a meeting on the cryptocurrencies amid worries over misleading claims of huge returns on cryptocurrency investment.

With Reuters inputs

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