India’s Prime Minister Narendra Modi Urges Countries to Collaborate on Bitcoin, Cryptocurrency – Regulation Bitcoin News

Narendra Modi is the prime minister of India and has asked democratic countries for cooperation to make sure that bitcoin (and cryptocurrency in general) does not get into bad hands. The Modi government has been working to create a regulation framework in India for cryptocurrency.

India’s Prime Minister Modi on Bitcoin and Cryptocurrency

During his keynote speech at the Sydney Dialogue on Wednesday, Indian Prime Minister Narendra Modi spoke about cryptocurrency and specifically bitcoin.

He requested that countries work together in order to prevent cryptocurrency from falling into the wrong hands. “Take cryptocurrency or bitcoin for example. It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth,” Modi said.

India's Prime Minister Narendra Modi Urges Countries to Collaborate on Cryptocurrency Like Bitcoin

In addition, the prime minister urged Australia and India’s partners in the Indo-Pacific region “and beyond” to invest together in future technologies to “deepen intelligence and operational cooperation and develop common standards for data governance and cross border flow of data.”

Modi said that the digital age has changed everything. The digital age has not only changed the political, economic, and social landscapes, but also raised many questions regarding sovereignty, governance, rights and security.

The prime minister’s statement on cryptocurrency and bitcoin came after he reportedly chaired a comprehensive meeting on the subject following a consultation with the central bank, the Reserve Bank of India (RBI), the Ministry of Finance, and the Home Ministry.

This week, India’s Parliamentary Standing Committee on Finance also held a meeting with representatives from the crypto industry. It was India’s first-ever parliamentary discussion of the broad subject of crypto finance involving the industry.

Meanwhile, Modi’s government is working on a regulatory framework for cryptocurrencies. According to recent reports, Modi’s government plans to regulate cryptocurrency assets so that Indians can hold it as an investment. The use of cryptocurrency for transactions or payments is likely to be restricted.

India’s central bank has continued to voice “serious and major” concerns regarding cryptocurrency. Shaktikanta das, RBI Governor, said that the central banking had communicated their concerns to government.

Business Standard also reported Wednesday that government officials are considering classifying crypto exchanges into e-commerce platforms, and then imposing a 1% Goods and Services Tax (GST).

What do you think about India’s Prime Minister Modi calling on governments to collaborate on crypto? We’d love to hear from you in the comment section.

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