Modi asks nations to ensure cryptocurrencies don't fall into wrong hands

Last week, an India parliamentary panel favoured regulation rather than imposing an outright ban on the digital assets.

Cryptocurrencies must not fall into the "wrong hands and spoil our youth", Prime Minister Narendra Modi told an international conference on Thursday, reiterating his government’s position earlier this week.

Modi was delivering the keynote address at The Sydney Dialogue, speaking about "India's technology evolution and revolution". The dialogue brings together political, business and government leaders to debate emerging technologies.

“Take crypto-currency or bitcoin for example. It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth,” said Modi in a virtual address.

Last week, an