In a somewhat bemusing virtual address, Indian prime Minister Narendra Modi has stated that “democratic nations should work together on cryptocurrency to ensure it does not end up in the wrong hands.”
The comments made by Modi were unexpected and left many crypto enthusiasts slightly amused. The virtual address was made at the Sydney Dialogue. On Twitter, the Prime Minister’s PR team decided to repeat the statement in writing, saying: “Take cryptocurrency or bitcoin for example. 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 youth.”
The Twitter account then added, “We are at a historic moment of choice. Either all the wonderful powers of technology of our age will be instruments of cooperation or conflict, coercion or choice, domination or development.”
On social media, a number of commentators in the crypto industry started to unpick what was meant by the statement. Internet sleuths tried to determine whether or not the Indian PM was referring to something similar to a China-style crackdown or whether he was just overwhelmed.
Who is the “wrong hands”?
Bitcoin and other blockchain networks are decentralised operations which means that “hands” of control coming for the “youth” in India or anywhere else in the world. The exception to this of course are the larger mining pools and whales, who have some influence in the crypto market.
These statements come at a time when India is planning to launch its own central bank digital currency (CBDC) pilot project, which will supposedly debut in the first half of 2022. However, the Reserve Bank of India has been making slow progress with the CBDC plans.
According to a report from the Indian Express, the RBI is still umming and ahhing about “matching domestic priorities with design features.”
Many twitter users were quick to create gags about the PM’s statement, with a number of users claiming that India itself had fallen into the “wrong hands” by voting Modi into power. The Prime Minister’s comments sparked widespread confusion across social media.
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