Indian Prime Minister Narendra Modi urged all countries and global agencies to cooperate on cryptocurrency. The Prime Minister has urged governments to collaborate on cryptocurrency.
He said, “any decision made by a single country will not suffice to deal with its challenges.”
At the World Economic Forum’s virtual Davos Agenda conference held Monday, Indian Prime Minister Narendra Modi spoke about cryptocurrency. Moreover, the challenges we face have been escalating. To combat them, every country and agency must take collective and synchronized action. Supply chain disruptions, inflation, climate change, and inflation are examples of these.
“Cryptocurrencies are an example of that,” Prime Minister Modi added, explaining the type of technology involved and the decisions taken by a single country will not be adequate to deal with its challenges.
The Prime Minister has called on countries to collaborate on cryptocurrency before. At a summit hosted by U.S. President Joe Biden in December last year, he said that cryptocurrency should be used to empower democracy.
In November, he urged countries to collaborate on bitcoins and cryptocurrency to prevent bitcoins and cryptocurrencies from falling into the wrong hands.
For quite some time, the Indian government has been trying to develop cryptocurrency regulations. The “The Cryptocurrency and Regulation of Official Digital Currency” bill was scheduled for consideration in the winter parliamentary session, but it never happened.
According to reports, the government is reworking the bill. Modi is expected to make the final decision regarding India’s cryptocurrency regulation.
The Reserve Bank of India’s (RBI) central board of directors recently held that a partial ban would not be effective. In its recommendation, the central bank called for the complete ban of cryptocurrency.
A recent raid on major crypto exchanges by the Directorate General of GST Intelligence (DGGI) revealed massive tax evasion in the Indian crypto industry. It is demanding clarity regarding taxation in the Union Budget 2022-23.
In the meantime, the neighbouring nation of Pakistan is working on its regulatory framework on cryptocurrency. The State Bank of Pakistan (SBP) has recently recommended a complete ban on cryptocurrencies.
