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India’s PM Narendra Modi has urged global communities to maintain a uniform approach to tackle the challenges posed by cryptocurrencies.
Modi Calls For “Similar Mindset”
Speaking virtually at the 2022 World Economic Forum's virtual Davos Agenda conference on Monday, PM Modi addressed the concerns around cryptocurrency regulations and the trepidations around this asset class.
"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 have collective and synchronized action."
In his speech, Modi compared cryptocurrency to supply-chain disruptions, inflation, and climate change and called for “common thinking.” He pointed out that crypto regulations implemented by any one country would effectively prove inadequate in truly meeting the challenges posed by this new asset.
Institutions Need Reformation: Modi
Modi also raised questions during his speech on the effectiveness of multilateral organizations in tackling modern challenges such as those posed by the crypto industry, claiming changes in circumstances from when these institutions were formed. He called out all the global democracies to take responsibility and reform such institutions to equip them with the toolset required to tackle modern challenges in the future. Modi concluded his address by stating that all nations need to extend their support to each other to explore new directions in tackling these new challenges.
Modi’s Previous Statements On Crypto
Modi has previously recommended strict regulation for the crypto industry. In a virtual summit with US President Joe Biden, he asserted that steps should be taken to prevent the undermining of democracy through illicit routes adopted through cryptocurrency.
Additionally, at the Sydney Dialogue, Modi delivered a virtual keynote address that assigned democracies around the world with the responsibility to prevent the misuse of cryptocurrencies. In the same address, he also claimed that a robust framework of data protection, privacy, and security had been already implemented in India to combat illicit activities.
India’s Cryptocurrency Bill
The country’s cryptocurrency bill is still in the works. The government is studying regulatory measures elsewhere and watching how global standards on cryptocurrencies evolve. The initial drafts of the bill leaned more towards the Chinese approach of banning all private digital assets. Since then, it has evolved to a more accepting stance, where crypto could be used as an asset but will be banned as a currency or payment.
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