The Cryptosphere’s Reactions to the Indian Prime Minister’s Unexpected Comments on Bitcoin (BTC) and the Regulation of Cryptocurrency Narendra Modi is both amazed and entertained.
In a virtual speech at the Sydney Dialogue, Modi said that “democratic nations should work together on cryptocurrencies to ensure that they do not fall into the wrong hands.”
On Twitter, he (or his PR team) decided it was worth repeating this warning. in writingexplains:
Take, for example, cryptocurrencies or Bitcoin. It is important that all democratic nations work together on this issue to ensure that it does not end in [mauvaises] hands that can ruin our youth. “
Moreover, he urged in his speech
“We stand in a moment of choice in history. The wonderful forces of technology in our time can become instruments of cooperation or conflict, coercion or choice, dominance or development.”
On social media, crypto commentators have been trying to figure out the exact meaning of Mr Modi’s words, including what he refers to when he mentions these ‘bad hands’. “Chinese-style crypto attacks.
Bitcoin and other blockchain networks are decentralized protocols, meaning that outside of large mining pools and whales (whose impact on the crypto ecosystem may be overestimated, some analysts say), there are no “hands” controlling the “young” in India or others places.
Modi’s statements come at a time when India is planning to launch its own Central Bank Digital Currency (CBDC) pilot project, which is expected to debut in the first half of 2022.
But the central bank, the Reserve Bank of India (RBI), has (like many of its counterparts) made painfully slow progress on its digital rupee projects. According to an article from Indian Express yesterday, the RBI is still hesitant to ‘match national priorities with design features’.
Although the RBI has talked about launching limited trials for the CBDC next month, a full nationwide rollout seems unlikely in the very short term – and there is still no indication that New Delhi, like China, will seek to ban access to cryptocurrency.
This is exactly what Beijing has been trying to do, ostensibly to protect its citizens from “speculative risks” and limit carbon emissions. But many believe Beijing is doing this to pave the way for its digital yuan, which will become the country’s only digital asset. And China is scheduled to launch its digital CNY early next year, well ahead of India and most other major economies.
According to a Twitter user, “the reality is that ‘Modi’ is afraid that the money will not go to the post office and public banks, which will have to account for [la] RBI “.
Twitter users have claimed that Modi also hopes to take “control” over digital forms of financing.
But some that the founder and CEO of Quantum Economics, Mati Greenspanwas simply surprised by this statement.
Mentioning letting things “fall into the wrong hands” was, of course, a good pretext for a series of political gags: Twitter users of all beliefs shot back that India itself had fallen into the wrong hands. in 2014, when she elected Modi to power.
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