Indians' 'immense trust' in fintech must be respected, says PM Modi

PM calls fintech a 'revolution that helps to achieve financial empowerment of every single citizen of the country'.

Indians have shown "immense trust" in financial technology and it is the sector’s responsibility to respect them, said Prime Minister Modi on Friday as his government prepares to table before Parliament a Bill that will regulate digital currencies.

"The history of currency shows tremendous evolution. As humans evolved, so did the form of our transactions,” said Modi about financial technology (fintech).

He called fintech a "revolution that helps to achieve financial empowerment of every single citizen of the country".

Finance Minister Nirmala Sitharaman said on November 30 the government will introduce a bill on cryptocurrencies in the Parliament after Cabinet's approval. 

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, seeks to “prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” according to the list of business for the winter session of Parliament.