In Brief:
- Indian PM Modi urged nations to work collectively to regulate cryptocurrency at the virtual WEF event.
- The PM questioned whether multilateral organizations can deal with crypto-related challenges.
- Narendra Modi believes that the discussions happening at the WEF summit will yield good results.
Indian Prime Minister Narendra Modi has called for collective and synchronized global action on cryptocurrency.
Addressing the World Economic Forum’s Davos Agenda, Modi stated that considering the type of technology involved, steps taken by a single country to regulate cryptocurrencies may be insufficient.
“We need to have a similar mindset,” the Indian PM stated regarding cryptocurrency at the virtual event.
Modi compared cryptocurrency to supply-chain disruptions, inflation, and climate change while speaking about the global challenges every country is facing right now.
The Prime Minister also questioned whether multilateral organizations are ready to deal with the new world order and the different challenges posed by crypto.
He noted, “When these organisations were formed, the situation was different, today the situation is different. Therefore, it is the responsibility of every democratic country to give emphasis on reforms in these institutions so that they can be made effective to deal with the challenges of today and tomorrow.”
The World Economic Forum’s Davos conference will be held from January 17 to 21. Top industry leaders, international organizations, and civil society will take part in the event, discussing critical challenges the world is dealing with today and how to confront them.
The Indian PM concluded his speech by saying that new challenges require new approaches and that every country needs the support of other countries now more than ever. Modi believes the conference discussions will yield results.
Modi added, “I am sure there will be a positive dialogue in this direction in the discussions in Davos.”
PM Modi also discussed the government’s efforts to improve the country’s business and investment ecosystem, including steps to make doing business easier and lowering corporate tax rates to make them the “most competitive” in the world.
It’s not the first time Indian Prime Minister Modi has urged countries to work together on cryptocurrency. In November, he called for nations to work together to ensure that bitcoin and cryptocurrency do not fall into wrong hands.
The Indian government has been working on a regulatory framework for cryptocurrency for a long time. The revised crypto bill was scheduled to be discussed during the winter session of parliament, but it was never brought up. The latest reports reveal that the bill will be discussed during the upcoming Budget Session 2022 which will begin from January 31st.
