India’s PM Narendra Modi warns that Bitcoin could destroy young Indians

On November 18, Indian Prime Minister Narendra Modi warned that Bitcoin could destroy young Indians, using an aggressive mood as his administration is set to introduce regulation laws for cryptocurrencies.

Prime Minister Modi outlined digital currencies in India that operate beyond the purview of the government and central bank as space that demands constant supervision during an online cybersecurity symposium hosted by the Australian Strategic Policy Institute.

In a video posted on YouTube, Modi notes,

“It is important that all democratic nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youths.”

Note that those who oppose the cryptocurrency industry always say that digital assets are used by drug traffickers, human smugglers, and money launderers.

Not to mention that the introduction of crypto governance started in many countries. And exchanges are now subject to identical rules as other financial companies in various jurisdictions.