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Indian Prime Minister: Bitcoin in "the wrong hands" can "spoil the youth"



In a somewhat confusing virtual address, the Indian Prime Minister Narendra Modi has recently cryptocurrencies warned.

Take cryptocurrency or Bitcoin as an example. It is important that all democratic nations work together on this. We need to make sure it doesn't fall into the wrong hands. Because that could spoil our youth.

Modi's comments were unexpected and left many crypto enthusiasts slightly amused. The virtual speech was given at the Sydney Dialogue. On Twitter, the Prime Minister's PR team decided to go one better and released the transcript of the speech.

On the Twitter account you can read, among other things:

We are in a historic moment of decision. Either all of the marvelous technological forces of our age will be instruments of collaboration or conflict, coercion or choice, domination or development.

On social media, some commentators in the crypto industry began to decipher what was meant by that statement. Internet detectives tried to find out whether the Indian prime minister meant something similar to a ban on Bitcoin based on the Chinese model , or whether he was simply overwhelmed.

Who are the "wrong hands"?

Bitcoin and other blockchain networks work in a decentralized manner. This means that the "hands" of control come for the "youth" in India or anywhere else in the world. The exceptions, of course, are the larger mining pools and whales, which have some influence on the crypto market.

These statements come at a time when India is planning to launch its own central bank digital money (CBDC) pilot. It is said to be launched in the first half of 2022. However, the Central Bank of India (RBI) is making slow progress in realizing its CBDC plans.

According to a report by Indian Express , RBI is still busy “matching domestic priorities with design features”.

Many Twitter users made fun of the Prime Minister's remarks, claiming that India itself fell into the "wrong hands" when it voted Modi to power. The Prime Minister's remarks caused a lot of confusion on social media.

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