India’s Prime Minister Narendra Modi has encouraged the international community to take a consistent approach to the issues posed by cryptocurrencies.
Modi Encourages a “Similar Mentality”
PM Modi addressed worries about cryptocurrency laws and trepidations about this asset class while speaking remotely at Monday’s World Economic Forum’s virtual Davos Agenda summit.
In his speech, Modi connected cryptocurrencies to supply-chain problems, inflation, and climate change and urged “common thinking.” He pointed out that any single country’s crypto rules would be ineffective in genuinely solving the issues faced by this new asset.
Modi believes that institutions need to be reformed.
Modi also questioned the efficiency of international organizations in addressing current difficulties such as those provided by the crypto industry during his speech, noting that circumstances have changed since these institutions were founded. He urged all global democracies to take responsibility for such institutions and reform them to provide them with the tools they will need to face current problems in the future. Modi closed his speech by stressing that all nations must develop new approaches to addressing these new challenges.
Modi’s Previous Crypto Statements
Modi has already advocated for strict regulation of the cryptocurrency market. In a virtual meeting with US President Joe Biden, he stated that actions should be made to avoid undermining democracy via illicit cryptocurrency means.
Modi also gave a virtual keynote presentation at the Sydney Dialogue, in which he charged democracies all around the world with preventing the misuse of cryptocurrency. He asserted that India has already developed solid data protection, privacy, and security framework to tackle criminal activity in the same speech.
The Cryptocurrency Bill in India
The bill to legalize cryptocurrencies in the country is still in the works. The government is looking into regulatory measures in other countries and examining how global standards for cryptocurrencies develop. The bill’s initial drafts skewed further toward China’s approach of prohibiting all private digital assets. Since then, the government has taken a more accommodating position, allowing crypto to be used as an asset but prohibiting it from being used as a currency or payment method.