Modi did not go into detail about these concerns during his speech at the Sydney Dialogue, a conference centered on emerging, crucial, and cyber technologies. However, authorities in India and other places have raised alarms about the potential dangers of cryptocurrencies being utilized by terrorist organizations and organized crime, as well as the destabilizing threat they pose to national economies. While praising the possibilities offered by technology in the digital era, Modi also expressed caution about digital currencies, specifically mentioning cryptocurrency and Bitcoin. "It is crucial for all democratic nations to collaborate on this issue and ensure that it does not fall into the wrong hands, which could negatively impact our youth," Modi stated. Indian officials who are currently working on drafting regulations are expected to suggest a ban on all transactions and payments involving cryptocurrencies. However, investors may still be allowed to hold cryptocurrencies as assets, similar to gold, bonds, and stocks, as reported by the Economic Times newspaper 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, Chinese regulators prohibited all cryptocurrency transactions and mining activities. The value of Bitcoin, the world's largest cryptocurrency, has doubled since the beginning of the year and is currently around $60,000. In May 2021, India's digital currency market was estimated to be worth $6.6 billion, a significant increase from $923 million in April 2020, according to data from blockchain platform Chainalysis.