Modi did not go into detail about 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 dangers of cryptocurrencies being used by terrorist groups and organized crime, as well as the destabilizing effect they could have on national economies. While praising the opportunities brought by technology in the digital age, Modi also expressed caution about digital currencies such as cryptocurrency and Bitcoin. He emphasized the importance of democratic nations working together to prevent these currencies from falling into the wrong hands, which could negatively impact the younger generation. Indian officials who are currently working on regulations are likely to suggest a ban on all transactions and payments in cryptocurrencies. However, investors may still be allowed to hold cryptocurrencies as assets, similar to gold, bonds, and stocks. The Economic Times newspaper reported this information on Wednesday. Prime Minister Modi chaired a meeting to discuss India's approach to cryptocurrencies on Saturday, and the newspaper stated that his cabinet could receive the draft regulations for review within two to three weeks. In September, China's regulators banned all cryptocurrency transactions and mining. Bitcoin, the largest cryptocurrency globally, is currently valued at around $60,000, having more than doubled in value since the beginning of the year. According to blockchain data platform Chainalysis, India's digital currency market was worth $6.6 billion in May 2021, compared to $923 million in April 2020.