In what has become his first public remarks about cryptocurrencies 'Bitcoins', Prime Minister Narendra Modi has issued a big warning that such currencies pose a risk to younger generations and that it can spoil them. The Prime Minister was speaking at the Sydney Dialogue, which is a forum on emerging, critical and cybertechnologies, on Thursday during which he put out how India wishes to address Bitcoins and their nature. 

The virtual forum was hosted by the Australian Strategic Policy Institute and the Prime Minister has quoted the virtual money as a domain that needs to be closely policed. He pressed the nations by saying, "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 youths." His warning has come days after he had held discussions on how to move forward on cryptocurrency in India. 

The country has been surfaced with concerns that the markets for such cryptocurrencies would open gates for money laundering and funding for terrorists. According to reports, the Union government is considering a regulatory framework to manage and oversee investments made in cryptocurrency. It was reported earlier that the government would ban the use of cryptocurrencies for transactions or making payments, but it has been considering allowing them in form of assets like gold, shares, or bonds. 

The meeting has held when several nations have begun to legislate to introduce cryptocurrencies. However, critics of virtual money have alleged that a large scale of anonymous unregulated transfers would make such currencies a perfect tool for drug traffickers and money laundering. India has banned crypto transactions in 2018, but the apex court had turned down the order of ban two years later, which had significantly surged the bitcoin transactions across the country, particularly among the young population. 

The reports say that India currently has over 100 million people using bitcoins and according to a report published by the investment portal 'BrokerChooser', India is the fourth country in the world to have many users of bitcoins behind the United States, Russia, and Nigeria.  While there had been a nationwide call across India to ban bitcoins, the Union government has decided to have strict legislation, instead of a complete ban, and it aims to pass the legislation within this year. 

Speaking further in the forum, the Prime Minister has said that it was essential for democracies to work together to invest in research and development in future technology. He added, "We also face new risks and new forms of conflict across diverse threats, from sea-bed to cyber to space. Technology has already become a major instrument of global competition and key to shaping the future international order." 

He also thanked his Australian counterpart, Scott Morrison, for inviting him to speak at the Sydney Dialogue that highlights India's central role in the Indo-Pacific region and emerging digital world. On the other hand, RBI Governor Shaktikanta Das has in last week criticized virtual money, saying that cryptocurrencies are a serious threat to the financial system if not properly regulated.