India's Modi says cryptocurrencies should be used to boost democracy, not harm it


FILE PHOTO: A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken October 19, 2021. REUTERS/Edgar Su

NEW DELHI (Reuters) - Indian Prime Minister Narendra Modi said on Friday that emerging technologies such as cryptocurrencies should be used to empower democracy, not undermine it.

Policymakers in India say unregulated transactions in digital currencies could hurt macroeconomic and financial stability. After initially planning to ban cryptocurrencies, the Modi government is instead considering legislation to regulate their use.

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