Indian Prime Minister Narendra Modi has called upon nations to come together to formulate global norms for merging technologies such as cryptocurrency. PM Modi’s comments came during his address at the Democracy summit. He also called upon nations to look at social media and cryptocurrencies as tools of helping democracy rather than undermining it.
India is currently at a crucial juncture of crypto regulations, the draft cryptocurrency bill has finally been tabled for discussion in the parliament. The finance minister has assured that the government won’t take a blanket ban approach and looking to regulate cryptocurrencies as an asset class. Latest reports suggest that PM Modi could take a final call on the crypto bill before it makes its way in the parliament.
Despite the assurance from the government, mainstream media continues fear-mongering among the general masses. There have been several articles based on the wordings of the old draft bill claiming severe punishments for trading crypto. This has been the case despite the Indian government assuring that the wordings of the bill are similar to the previous draft due to the parliamentary process.
Indian PM Calls For Better Use of Crypto Tech
Pm Modi’s comments regarding crypto regulations are quite similar to his early speech on a similar topic. He has cautioned regarding the wrong use of the nascent tech and has called for a common policy framework. He said:
“Take cryptocurrency bitcoin, for example. It is important that all democratic nations work together on this and ensure it does not end up in (the) wrong hands, which can spoil our youth,”
The Indian crypto ecosystem is one of the fastest-growing ones in the decentralized world, both in terms of development, rising number of unicorns, and crypto investment. India has become a growing hub for prominent VC funds and a series of Indian crypto exchanges have hit unicorn status over the past year. Thus, positive crypto regulation promoting innovation can go a long way for India.
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