Modi did not provide further details on these concerns during his speech at the Sydney Dialogue, a conference centered on emerging, critical, and cyber technologies. However, officials in India and other countries have expressed worries about cryptocurrencies being utilized by terrorist organizations and organized crime, as well as the potential destabilizing impact they could have on national economies. While highlighting the opportunities offered by technology in the digital age, Modi also issued a warning about digital currencies like cryptocurrency and Bitcoin. He emphasized the importance of democratic nations collaborating to prevent these currencies from falling into the wrong hands and negatively impacting young people. Indian officials who are currently working on regulations are likely to suggest banning all transactions and payments in cryptocurrencies, but allowing investors to hold them as assets, similar to gold, bonds, and stocks. The Economic Times newspaper reported this information on Wednesday. Prime Minister Modi led a meeting to discuss India's stance on cryptocurrencies on Saturday, and the Economic Times mentioned that the draft regulations could be presented to his cabinet for review within the next two to three weeks. In September, China implemented a ban on all cryptocurrency transactions and mining. Bitcoin, the largest cryptocurrency in the world, is currently valued at around $60,000, having more than doubled in value since the beginning of the year. India's digital currency market was valued at $6.6 billion in May 2021, compared to $923 million in April 2020, as reported by the blockchain data platform Chainalysis.