PM Narendra Modi Addresses Digital Technologies Like Cryptocurrencies To Empower Democracy

The administration has stated that it intends to introduce a modified bill on cryptocurrency. The bill will be introduce in Parliament’s current Winter Session. With Cabinet approval, the money derived from bitcoin investments will be taxed.


On Friday, Prime Minister Narendra Modi called for a concerted effort to set global rules for emerging technologies such as social media and cryptocurrency so that they may be used to “empower democracy rather than undermine it.”

“We must also collectively define global rules for new technologies like social media and cryptocurrencies, so that they are utilised to strengthen democracy rather than destroy it,” Prime Minister Modi said during his virtual presentation at US President Joe Biden’s Summit for Democracy.

The administration has stated that it intends to introduce a modified bill on cryptocurrency. The bill will be introduce in Parliament’s current Winter Session. With Cabinet approval, the money derived from bitcoin investments will be taxed.

Meanwhile, Someone hacked Prime Minister Narendra Modi’s Twitter account and posted bitcoin legal tender Tweet. The Tweet containing a scam link claiming to offer bitcoin to the citizens of India.

The account has been retained and it’s safe now the official Twitter handle of PMO wrote.

PM Modi’s Call On Crypto Bill In This Winter Session

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 aims to “provide a conducive environment for the formation of the official digital currency to be issued by the Reserve Bank of India (RBI).”

The measure also aims to outlaw all private cryptocurrencies. The bill Claims allowing “limited exceptions to encourage the underlying technology of bitcoin and its applications.”

PM Modi’s remarks came after he encouraged democratic nations to work together. On November 18 he chaired a meet to ensure that the cryptocurrency does not fall into the wrong hands.

The Prime Minister also chaired a discussion on the future of bitcoin and associated problems in the same month.

Officials stressed during their discussion with PM Modi that attempts to deceive the youth by over-promising, non-transparent advertising must be prevented, and that uncontrolled crypto markets must not be allowed to become conduits for money laundering and terror funding.

The cryptocurrency law is one of 26 new legislation on the government’s agenda for the Winter Session of Parliament, which runs from November 29 to December 23.

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