At the Davos meeting, PM Modi said, “The issues we’ve been dealing with have been growing as well.” To counter these challenges, every country and global agency must take synchronised and coordinated action. Supply chain interruptions, inflation, and climate change are just a few examples. “Cryptocurrency is another example.”
This isn’t the first time Prime Minister Modi has urged nations to work together on cryptocurrencies. He said at a summit hosted by US President Joe Biden in December last year that cryptocurrency should be used to empower democracy. He urged countries to work together on bitcoin and cryptocurrency in November to prevent them from falling into the wrong hands.
The Indian government has been developing a cryptocurrency regulatory framework. In the winter session of parliament, a bill named “The Cryptocurrency and Regulation of Official Digital Currency” was scheduled to be discussed, but it was not taken up. The measure is now being reworked by the government. According to reports, Modi will make the ultimate decision on cryptocurrency legislation in India.
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