Modi did not go into detail about these concerns during his speech at the Sydney Dialogue, a conference dedicated to discussing emerging, critical, and cyber technologies. However, authorities in India and other countries have expressed worries about cryptocurrencies potentially being used by terrorist organizations and organized crime, as well as the destabilizing effect they could have on national economies. Despite highlighting the opportunities brought about by technological advancements, Modi cautioned against the use of digital currencies like cryptocurrency or Bitcoin, emphasizing the need for collaboration among democratic nations to prevent them from falling into the wrong hands and negatively impacting the younger generation. Indian officials who are currently working on regulations are expected to suggest a ban on all cryptocurrency transactions and payments, but may allow investors to hold them as assets similar to gold, bonds, and stocks, as reported by the Economic Times newspaper. Prime Minister Modi led a meeting to discuss India's stance on cryptocurrencies on Saturday, with the draft regulations potentially being presented to his cabinet for review within the next two to three weeks. In September, Chinese regulators prohibited all cryptocurrency transactions and mining activities. Bitcoin, the largest cryptocurrency globally, is currently trading 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, up from $923 million in April 2020, according to data from blockchain platform Chainalysis.