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India prime minister Narendra Modi has called for collective and synchronized global action to tackle the challenges posed by cryptocurrency.
Fast facts
- Speaking at the 2022 World Economic Forum’s annual Davos conference on Monday, Modi said: “The kind of technology cryptocurrency is associated with makes decisions taken by one country inadequate to meet the challenges posed by cryptocurrency. We have to have common thinking.”
- He added: “Cryptocurrency is an example of the kind of challenges we are facing as a global family with a changing global order. To fight this, every nation, every global agency needs to take collective and synchronized action.”
- At a virtual keynote address at the Sydney Dialogue last year, Modi had said that it was important for all democratic nations to work together on crypto regulation to ensure that it does not end up in the “wrong hands” or “spoil our youth.”
- Cryptocurrencies are in a legal gray zone in India as regulators continue to deliberate on a regulatory framework.
- India’s crypto bill, which was expected to be tabled in the last session of parliament, could be floated in the budget session starting on Jan. 31.
- Despite regulatory uncertainty, India’s crypto sector has continued to grow, with the number of investors more than doubling from 7 million in 2020 to 15 million in 2021.