- India’s Prime Minister called for global collaboration on cryptocurrency.
- Modi said all countries need to have the same approach to cryptocurrency.
- The Indian government is working on the crypto regulatory framework.
India’s Prime Minister Narendra Modi has called every country for global collaboration and a common approach towards managing emerging challenges posed by cryptocurrencies.
On Monday, during the “State of the World” session at the World Economic Forum’s virtual Davos Agenda, Modi mentioned that the challenges would likely continue if countries take a single approach towards managing cryptocurrencies. The Prime Minister said:
Today, with the change in the global order, the challenges we have been facing as a global family are also increasing. With the type of technology related to cryptocurrency, actions taken by any one country will not be sufficient to deal with the challenges posed by it. All the countries will need to have the same approach to it.
To clarify, the Davos Agenda gathers world leaders together to discuss several global economic challenges. Likewise, the event will be used to establish several initiatives aimed at accelerating net-zero emissions, cyber resilience, among others.
Furthermore, this is not the first time Prime Minister Modi has called on countries to cooperate on cryptocurrency. Last year, during the summit hosted by U.S. President Joe Biden, Modi said cryptocurrency should be used to empower democracy.
Meanwhile, the government is now reworking the bill — “The Cryptocurrency and Regulatory of Official Digital Currency.”
In terms of crypto regulation in India, Modi will take the final decision on India’s cryptocurrency regulation.