- Twitter announced that it had investigated the incident.
- The Modi government is now drafting laws to restrict cryptocurrency usage.
Indian Prime Minister Modi’s official Twitter account sent a message on December 12th at midnight (IST) stating India had officially adopted Bitcoin as a legal tender. The government had bought 500 bitcoins, which it was “distributing” to all country residents. The tweet also included a link to a blog with the postscript, “The future has come today.”
Breach Not From Twitters Side
Following the hacking and restoration of Prime Minister Narendra Modi’s Twitter account, Twitter announced that it had investigated the incident and decided that the account did not seem to have been compromised due to any breach of Twitter’s infrastructure. As soon as the platform was notified of the hacked account, the necessary procedures were to secure the compromised account.
Before this, in September 2020, an unknown gang hacked the Twitter account belonging to Prime Minister Narendra Modi. At the US President’s Summit for Democracy, India’s Prime Minister Modi discussed cryptocurrencies.
The Indian Prime Minister said:
We Must Also Jointly Shape Global Norms For Emerging Technologies Like Social Media And Cryptocurrencies, So That They Are Used To Empower Democracy, Not To Undermine It.
Indian policymakers feared uncontrolled digital currency transactions might harm the country’s macroeconomic and financial stability. The Modi government is now drafting laws to restrict cryptocurrency usage after first proclaiming a ban. The Indian government has announced measures to regulate bitcoin more strictly. The Bill will be referred to the Indian Parliament for consideration after approval by the Union Cabinet.