India invites partners to jointly control the cryptosphere

The Indian government has repeatedly postponed the consideration of a bill to regulate relations in the cryptocurrency market.

The authorities take this decision due to opposition from the Central Bank, which is categorically against recognizing such instruments as means of payment.

This week, Indian Prime Minister Narendra Modi called on other states to cooperate in the field of controlling cryptocurrencies. The Prime Minister spoke at a conference in Davos and noted that digital currencies create big problems for the global financial sector.

States need to develop a unified system for monitoring and exchanging data on the movement of funds in cryptocurrencies to increase the effectiveness of work to combat money laundering and the financing of extremism.

Initially, digital assets did not create any problems for regulators, as the scale of their use remained small. However, over the past few years, capital investment in the crypto sphere has increased, and there is a need to get serious about this market, Modi said.