PM Modi calls for Global cooperation on Crypto

PM Narendra Modi calls for Global cooperation on Crypto. Let us find out more about the Prime Minister’s statements.

Introduction

The Prime Minster of India, Narendra Modi has once again made comments related to Cryptocurrencies. Modi appeared in the World Economic Forum‘s annual Davos conference, where he talked about global cooperation on Cryptocurrencies.

Background

Narendra Modi, the current Prime Minister of India, once again has made some comments on Cryptocurrencies. Attending the 2022 World Economic Forum’s annual Davos conference virtually, Modi said that “Cryptocurrency is an example of the kind of challenges we are facing as a global family with a changing global order. To fight this, every nation, every global agency needs to have collective and synchronized action.”

Modi further said that “the kind of technology cryptocurrency is associated with makes decisions taken by one country inadequate to meet the challenges posed by cryptocurrency. We have to have common thinking.”

Modi raised a concern asking multilateral organizations whether they’re capable of tackling modern challenges. He said that “when these institutions were formed circumstances were different and today they are different.”

He concluded his address by saying, “that’s why every democratic nation has the responsibility to bring about an emphasis towards reforms in these institutions to make them capable enough to deal with modern challenges in the future.”

India’s Crypto Atmosphere and regulatory situation

India has been awaiting the arrival of the Crypto bill for quite a while. The bill has seen postponement quite some times. Now it is in the budget session of 2022 where the bill will be hopefully up for discussion.

The Indian Government is waiting for other countries to form their regulations on Cryptocurrencies. This will allow the country so study these regulations and learn from the global standards to form a Crypto framework of their own.

It is worth noting that the initial plan was to entirely ban Cryptocurrencies. However, this idea was abandoned by the government. Now, the Government wants to regulate and tax Cryptocurrencies instead.

Conclusion

PM Narendra Modi calls for Global cooperation on Crypto. This isn’t the first time the Prime Minister has said about Cryptocurrencies and related issues. Hopefully, more world leaders might join Modi soon for his global standard on Cryptocurrencies.

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