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Modi Says Bitcoin in the ‘Wrong Hands’ Can ‘Spoil Our Youth’ as India Readies a CBDC

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Source: Narendra Modi/YouTube

The world of crypto has been left bemused (and in some cases thoroughly amused) by unexpected comments made on bitcoin (BTC) and crypto regulation from the Indian Prime Minister Narendra Modi.

In a virtual address at the Sydney Dialogue, Modi stated that “democratic nations should work together on cryptocurrency to ensure it does not end up in the wrong hands.”

On Twitter, he (or his PR team) decided that the sentiment was so poignant it was worth repeating in writing, explaining:

“Take cryptocurrency or bitcoin for example. 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 youth.”

Furthermore, he urged, in the full address,

“We are at a historic moment of choice. Either all the wonderful powers of technology of our age will be instruments of cooperation or conflict, coercion or choice, domination or development.”

On social media, commentators in the world of crypto began trying to work out exactly what Modi meant by allowing BTC and crypto to fall into the “wrong hands.” Internet sleuths tried to determine if the PM was referring to something akin to a China-style crypto crackdown – or if he was just having an OK boomer moment.