Indian Prime Minister calls for global co-operation on cryptocurrency
Indian Prime Minister Narendra Modi called for worldwide cooperation to handle the challenges posed by cryptocurrencies.
Speaking virtually at the 2022 World Economic Forum's yearly Davos Conference, Modi said "Cryptocurrency is an example of the kind of challenges we are facing as a global family with a changing worldwide order. To battle this, each country, each worldwide agency needs to have collective and synchronized activity."
Likening cryptocurrency to supply-chain disturbances, inflation, and environmental change, Modi said "the kind innovation cryptocurrency is related with makes choices taken by one country inadequate to meet the challenges posed by cryptocurrency. We must have normal thinking."
The Indian government still can't seem to figure out its regulatory structure for crypto assets, and has already decided to study regulatory measures somewhere else and how global standards on cryptocurrencies evolve. The Finance Ministry has contacted the Bank of International Settlements (BIS) to outline its regulation.
The country's draft cryptocurrency bill probably won't become law until after the year's Budget Session closes in April. The bill has reportedly evolved from prohibiting all private cryptocurrencies while allowing "for specific exceptions to promote the underlying innovation" to enabling cryptocurrency to be used as an asset, but banning its use as currency or payment.
In his location, Modi asked whether multilateral associations are prepared to handle modern challenges. "When these institutions were found circumstances were unique and today they are unique."
"That's why every democratic nation has the responsibility to achieve an emphasis towards changes in these institutions to make them capable enough to deal with modern challenges in the future," he said.
Modi, who leads the world's second-most populous country, ended his address by adding that new challenges need new directions, that each nation needs the help of other nations mich more than before, and that he has conference will bear fruit.
On Nov 18, 2021, Modi gave a virtual keynote address at the Sydney Dialogue, a yearly summit on emerging technology, and said democratic countries should work together to ensure crypto "doesn't end up in the wrong hands" and "spoil our youths."