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PM Narendra Modi has warned about the potential risk bitcoin presents to younger generations. The central government is currently planning to regulate cryptocurrencies.
Close monitoring needed
Modi framed virtual money as a domain that needs close monitoring. “Take cryptocurrency or bitcoin, for example. It should not end up in the wrong hands,” he said. Critics have said Cryptocurrencies can be misused for drug trafficking, money laundering.
Several countries have begun to introduce oversight over cryptocurrencies. India had effectively outlawed crypto transactions in 2018. But, the Supreme Court struck down the ban two years later.Â
