Synchronized global crypto regulations needed, says Indian PM Modi

January 19, 2022

Indian Prime Minister Narendra Modi on Monday called for a uniform global action to regulate digital currencies.

Speaking at the virtual summit of the World Economic Forum on Monday (January 17, 2022), Modi said at a time when the government is mulling introducing a legislation to regulate cryptocurrencies, according to Business Standard.

“Today with change in global order, the challenges we face are also increasing. To fight these challenges, every country and every international organisation needs to take collective and synchronised action. Supply chain disruption, inflation and climate change are such examples,” Modi said. “Another example is cryptocurrency. The kind of technology that is linked to it, steps taken by one country will be insufficient to face such challenges. We have to take one view on it.”

Modi also called for the reform of multilateral organisations, such as the International Monetary Fund, as he expressed doubt on whether they are capable of addressing such new challenges.

“Looking at the global scenario, the question is whether multilateral organisations in the new world order are ready and capable to tackle such challenges. When these organisations were established, the circumstances were different. Today, the situation is different. That’s why it is the responsibility of all democratic countries to emphasise reform of such institutions so that they can be readied to face today’s and tomorrow’s challenges,” he said.

The government had listed a bill seeking to ban all private cryptocurrencies for Parliament’s Winter Session but did not introduce it for discussion.

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