Modi urges to make cryptocurrencies safe

INDIAN prime minister Narendra Modi urged cooperation between the world's democracies to ensure cryptocurrencies like Bitcoin do not ‘end up in the wrong hands', delivering the comments while his government drew up new rules for digital currencies.

Modi did not elaborate on those fears in his speech delivered virtually to the Sydney Dialogue, a forum focused on emerging, critical and cyber technologies.

But authorities in India and elsewhere have flagged the dangers of cryptocurrencies being used by terrorist groups and organised crime, and the destabilising risk they posed to national economies.

After extolling the opportunities presented by cyber-age technology, Modi sound a note of caution regarding digital currencies.

‘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,' Modi said.