Indian Prime Minister Rallies For Global Cooperation on Cryptocurrency

Indian Prime Minister Narendra Modi has issued a rallying call to all stakeholders worldwide to jointly tackle the potential risks and challenges that are linked to Bitcoin and cryptocurrencies in general.

Modi spoke virtually about the topic during the Davos conference of the 2022 World Economic Forum.

The prime minister shared his belief that cryptocurrency is one of those challenges that the world has to face as a unit. In his words, as “a global family”. He then went on to say:

“To fight this, every nation, every global agency needs to have collective and synchronized action.”

Modi went further with claims that the kind of technology that crypto operates under, has made it so, that a single nation can not come up with decisions that will be adequate. He then recommended the need for nations to “have a common thinking” when it comes to tackling the challenges posed by cryptocurrency.

Policy Changes and Reforms, A Necessity — Indian Prime Minister

Recall that even the Indian government is still undecided about its own regulatory framework for cryptocurrency. In fact, the government recently announced how it is actively studying regulatory frameworks from around the world, carefully taking note of how global standards on cryptocurrencies evolve.

Interestingly, India’s draft crypto bill has reportedly changed from what it initially set out to do, which was to outrightly ban all cryptocurrencies. Now reports suggest that while crypto may not be used as currency or some form of payment, it can be used or stored as an asset.

Meanwhile, during his address, Modi also asked to know whether multilateral institutions are adequately equipped to tackle modern-day challenges. He said:

“When these institutions were formed circumstances were different and today they are different.”

He then highlighted the importance for all nations of the world to ensure reforms that will cut across all institutions. According to the prime minister, this will make such institutions to be better equipped to deal with modern challenges in the future.