India’s Prime Minister Modi Calls for Global Collaboration on Crypto — Says ‘We Have to Have a Similar Mindset’ – Regulation Bitcoin News

India’s prime minister, Narendra Modi, has called on governments worldwide to collaborate on cryptocurrency. He pointed out that “The kind of technology that is associated with it, the decisions taken by a single country will be insufficient to deal with its challenges.”

Indian Prime Minister Urges ‘Every Country, Every Global Agency’ to Collaborate on Cryptocurrency

Indian Prime Minister Narendra Modi talked about cryptocurrency at the World Economic Forum’s virtual Davos Agenda conference Monday.

“The challenges we have been facing are also increasing. These challenges can be countered by collective, coordinated action from every country and every international agency. Supply chain disruptions, inflation and climate change all fall under this umbrella. Another example is cryptocurrency,” Prime Minister Modi said, elaborating:

No matter the technology involved in it, there will not be enough resources to address its problems. It is important to share a common mindset.

Modi is not the only Prime Minister to call for cooperation on cryptocurrency. At the U.S. Presidential Joe Biden summit, Modi stated that crypto should be used for democracy. He urged nations to work together on cryptocurrency and bitcoin to make sure they don’t fall into wrong hands.

For a long time, the Indian government has been developing a regulation framework for cryptocurrency. A bill titled “The Cryptocurrency and Regulation of Official Digital Currency” was listed to be considered in the winter session of parliament but it was not taken up. It is currently being reworked by the government. Modi will reportedly take the final decision on India’s cryptocurrency regulation.

But, India’s Reserve Bank of India (RBI), has called upon the government to ban all cryptocurrency. At its latest meeting, the central banking said that only a partial ban won’t work. The RBI has repeatedly warned about the risks cryptocurrency poses to the country’s financial system. Swadeshi Jagran Mangach (SJM), a member of nationalist Rashtriya Swayamsevak Sangh has also called on the Indian government not to allow cryptocurrency.

Current clarity is needed by the Indian crypto sector regarding taxation within the Union Budget 2022-22. This was after the Directorate General of GST Intelligence, (DGGI), raided crypto exchanges major and discovered massive tax evasion.

Pakistan, which is a neighbouring country, continues to work on its regulation of cryptocurrency. The country’s central bank, the State Bank of Pakistan (SBP), has recently recommended a complete ban on cryptocurrency.

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Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.