Indian PM Modi calls for global cooperation on cryptocurrencies – says ‘We must have a similar mentality’ – Regulate Bitcoin News

Indian Prime Minister Narendra Modi has called on governments around the world to cooperate on cryptocurrencies. “The kind of technology associated with it, a decision made by a country will not be enough to meet its challenges,” he noted.

Indian PM urges ‘every country, every global institution’ to cooperate on cryptocurrencies

Indian Prime Minister Narendra Modi spoke about cryptocurrencies during the World Economic Forum’s virtual Davos Agenda meeting on Monday.

“The challenges we face are also increasing. To address these issues, every country, every global institution needs to take collective and synchronized action. These supply chain disruptions, inflation and climate change are examples of this. Another example is cryptocurrencies,” Prime Minister Modi said, elaborating:

Depending on the type of technology associated with it, decisions made by individual countries will not be sufficient to meet their challenges. We have to have a similar mentality.

This is not the first time Prime Minister Modi has called for countries to cooperate on cryptocurrencies.In December, he said at a summit hosted by U.S. President Joe Biden that cryptocurrencies should be used empower democracy. In November, he urged countries to cooperate on bitcoin and cryptocurrencies to ensure they do not in the wrong hands.

The Indian government has long been working on developing a regulatory framework for cryptocurrencies.A bill titled “Regulation of Cryptocurrencies and Official Digital Currencies” is on the list for consideration winter session Parliament, but was not adopted.government now rework bill.According to reports, Modi will final decision Regarding cryptocurrency regulation in India.

However, the Reserve Bank of India (RBI) has called on the Indian government to ban cryptocurrencies altogether. At a recent Central Board meeting, the Central Bank said, Partial ban doesn’t work. RBI has repeatedly warn Regarding the risks cryptocurrencies pose to the country’s financial system.Swadeshi Jagran Manch (SJM), an affiliate of nationalist Rashtriya Swayamsevak Sangh, also urged the Indian government Ban cryptocurrencies.

The Indian cryptocurrency industry is currently seek clarity On taxes in the 2022-23 federal budget. These efforts are under the General Directorate of Goods and Services Tax Intelligence (DGGI) Raid major cryptocurrency exchanges and found a lot of tax evasion.

Meanwhile, neighboring Pakistan is also developing its cryptocurrency regulatory framework.The country’s central bank, State Bank of Pakistan (SBP), recently proposed completely prohibited About cryptocurrencies.

What do you think of Indian Prime Minister Narendra Modi’s call for countries to cooperate on cryptocurrencies? Let us know in the comments section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.