As India is mulling new rules for digital money, Prime Minister Narendra Modi has called for regulations to ensure cryptocurrencies like bitcoin do not “end up in the wrong hands,” warning that this could “spoil” young people.
While he did not expand on those concerns, Modi spoke on Thursday about the need for “democratic nations” to band together and deal with challenges posed by emerging technologies. He was delivering a virtual address at the Sydney Dialogue, an annual cyber-tech summit.
Noting that technology and data could either become “new weapons” for conflict or “instruments of cooperation,” Modi brought up digital currencies as an example of how it was important that like-minded nations “work together on this” to “ensure it does not end up in the wrong hands, which can spoil our youth.”
We are at a historic moment of choice. Whether all the wonderful powers of technology of our age will be instruments of cooperation or conflict, coercion or choice, domination or development, oppression or opportunity.
He also urged the development of technical and governance standards and norms, singling out the use of data, and called for renewed efforts to prevent manipulation of public opinion. In recent weeks, Indian authorities have raised concerns over claims of huge returns from cryptocurrency investment as well as its potential connections to money laundering, organized crime and terror financing.
On Saturday, Modi chaired a meeting to formulate the country’s approach to digital currencies and examine their impact on the economy. According to The Economic Times, Indian officials are drafting regulations to propose a ban on all transactions and payments in cryptocurrencies, while allowing investors to hold them as assets, similar to gold, bonds and stock shares.
Citing unnamed sources familiar with the government’s discussions, the newspaper said there was a belief in policy circles that crypto markets needed to be regulated in order to tackle the problem of opaque advertising that exaggerates investment returns in order to attract young investors.
The sources informed the newspaper that draft legislation on the matter was expected to be forwarded to Modi’s cabinet for consideration in the next two to three weeks.
In September, China had banned all cryptocurrency transactions and crypto-mining.
Two climate activists in Australia have brought the world’s busiest coal port to a halt, strapping themselves to a massive piece of machinery and refusing to come down. The stunt follows more than a week of similar actions.
Blockade Australia, a climate group focused on “strategic direct action,” declared that two of its members had clambered atop equipment at the Port of Newcastle and stopped work there late Tuesday night, sharing footage captured by the activists as they suspended themselves from a large loading machine.
“Zianna and Hannah have shut down Newcastle coal port, abseiling from coal handling machinery. The port cannot resume operations until the pair are removed by police,” the group said, identifying the activists by their first names only, adding “This is the tenth consecutive day of disruption to Newcastle coal port and its supply rail network.”
The protest stunt follows at least 16 similar actions over the last week or so, the group said, some targeting the rail line near the port, the world’s largest for coal exports.
Another demonstration carried out on Tuesday saw a second pair of activists breach the port and “hit emergency stop buttons” on machines before strapping themselves to a different piece of equipment. They were brought down and arrested after “several hours” and are expected to appear in court in the coming days.
The disruptions have drawn the ire of state officials, with New South Wales Environment Minister Matt Kean calling them “completely out of line” and urging police to “throw the book” at the protesters, at least 19 of whom have already been arrested so far this month, according to ABC.
“Pull your heads in, get out of the way and stop hurting other people going about their lives, running their businesses,” the minister said during a radio interview on Wednesday. “There are hundreds of ways to make your views known and advocate for change, but risking the lives of rail workers is definitely not one of them.”
The activists could face charges that carry maximum sentences of 25 years in prison, NSW police commissioner Mick Fuller said, noting that local law enforcement has created a “strike force” to deal with future disturbances at the port.
