India PM Narendra Modi Mentions Crypto. Adoption Soon?

Narendra modi backs crypto in india
  • Prime Minister Narendra Modi delivered a keynote address at the inaugural Sydney Dialogue.
  • PM Modi mentioned cryptocurrency and Bitcoin, fueling speculations of crypto adoption.
  • Previously, India withdrew its plans to ban cryptocurrency.

Indian Prime Minister Narendra Modi recently delivered a keynote address at the Sydney Dialogue. During his keynote address, PM Modi discussed the massive digital infrastructure that they are building in the country.

PM Modi also mentioned cryptocurrency, particularly Bitcoin. In another tweet, he urged other countries to work together to ensure that cryptocurrencies are utilized for good and that they do not “end up in the wrong hands”.

At the time of writing, the tweet has already gained at least 6,000 likes. Many people commented, apparently stoked and curious regarding the topic.

PM Modi’s comment regarding cryptocurrency is in light of India’s push for digital transformation. In previous tweets, he mentioned that the country is already developing the world’s most extensive infrastructure. He also said that steps to connect over 600,000 villages with broadband are underway.

The country is heavily investing in 5G and 6G technologies, aside from harnessing digital technology for clean energy transition. Moreover, India is offering open-source access to their CoWin platform, which is a COVID-19 registration portal.

Previously, India backpedaled from its plan to ban cryptocurrency altogether. As it stands, the country still does not recognize crypto as a payment method, although it plans to regulate it as an asset.

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