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NEW DELHI (Reuters) – Indian Prime Minister Narendra Modi mentioned on Friday that rising applied sciences comparable to cryptocurrencies must be used to empower democracy, not undermine it.
Policymakers in India say unregulated transactions in digital currencies may damage macroeconomic and monetary stability. After initially planning to ban cryptocurrencies, the Modi authorities is as an alternative contemplating laws to manage their use.
“We should … collectively form international norms for rising applied sciences like social media and cryptocurrencies in order that they’re used to empower democracy, to not undermine it,” Modi instructed a digital summit hosted by U.S. President Joe Biden.
There are an estimated 15 million to twenty million cryptocurrency buyers in India, with whole crypto holdings of round 400 billion Indian rupees ($5.29 billion), in response to business estimates. The federal government doesn’t present any official information. ($1 = 75.6380 Indian rupees)
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