Modi did not provide further details on these concerns during his virtual speech at the Sydney Dialogue, a conference focused on emerging, critical, and cyber technologies. However, authorities in India and other countries have raised alarm about the potential for cryptocurrencies to be used by terrorist organizations and organized crime, as well as the destabilizing effect they could have on national economies. While emphasizing the benefits of technological advancements in the digital age, Modi also expressed a cautious stance on digital currencies, highlighting the need for collaboration among democratic nations to prevent them from falling into the wrong hands and negatively impacting young people. According to a report from the Economic Times, Indian officials who are currently working on regulations are expected to suggest a ban on all transactions and payments in cryptocurrencies, but allow investors to hold them as assets similar to gold, bonds, and stocks. Prime Minister Modi recently led a meeting to discuss India's stance on cryptocurrencies, and it is anticipated that the draft regulations will be presented to his cabinet for review in the next two to three weeks. In China, regulators have already banned all cryptocurrency transactions and mining. The value of Bitcoin, the largest cryptocurrency in the world, has more than doubled since the beginning of the year and is currently around $60,000. India's digital currency market was valued at $6.6 billion in May 2021, compared to $923 million in April 2020, as per data from Chainalysis, a blockchain data platform.