Speaking at the World Economic Forum’s Davos Agenda 2022, Indian Prime Minister Narendra Modi called for a united global stance to address the challenges arising from the growing adoption of cryptocurrencies. The official pointed out that the efforts of a single country to address the challenges of cryptocurrencies cannot be enough.
Need for a common global approach
This Monday, speaking online at the World Economic Forum’s 2022 Davos Agenda, the Prime Minister addressed a range of issues, the most important of which was the need for a common global approach to cryptocurrency adoption.
“Given the type of technology associated with cryptocurrencies, the decisions made by a single country will be insufficient to meet its challenges. We must have a common mindset. », he said at the WEF summit.
Not long ago, the trading Cryptocurrency trading has gained traction in India even against the backdrop of a complete lack of industry regulations and investor protection laws. The government’s plan according to which the cryptocurrency bill was to be passed recently failed due to the widely differing views of stakeholders: financial sector regulators and crypto industry representatives.
“Cryptocurrency is an example of the kind of challenges that we, the global family, face within the evolving world order. To combat this, every nation, every global agency must take collective and synchronized action. »
Modi government dilemma over crypto bill
Despite the fact that the Cryptocurrency Bill was proposed for discussion in Parliament during the winter session in the month of December 2022, the government could not take a final decision because its members did not agreed on some crucial issues.
Although the authorities have not made public the reasons why they did not present the bill to parliament, sources said that they had decided to seek international assistance to formulate a common strategy on the matter. .
In line with this position, the Indian government has reportedly approached the Bank for International Settlements (BIS) to help the country frame regulations for the cryptocurrency sector.
Highlighting the inability of existing multilateral organizations to cope with new technologies and development in the economic field, Modi asserted: “When these institutions were created, the circumstances were different, and today they are different. »
Cryptocurrency is a recurring theme in Modi’s speeches
Over the past three months, the Prime Minister of India has spoken about cryptocurrencies on global forums several times. It might sound strange, but he never once spoke to the domestic audience in India.
In his speech at The Sydney Dialogue in November 2021, Modi warned that emerging technologies should be protected from misuse. During his appearance at the Democracy Summit hosted by US President Joe Biden in December 2021, he also stressed that new technologies should protect democracy, not undermine it.
Modi reiterated this position during his speech yesterday: “That is why every democratic nation has the responsibility to emphasize reforms in these institutions to make them capable of facing modern challenges in the future. »
While the Subcontinent still undecided when it comes to crypto regulation, its prime minister keeps talking about the world of digital assets. Crypto industry regulation comes out internationally and should unite democratic leaders around the world to create a fair and precise legislative framework. In the meantime, we suggest that you stay on Cointribune in order to be up to date!
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If cryptocurrencies are synonymous with financial freedom, then they must play a key role in the financial emancipation of women. With the right education, crypto can be a powerful tool in waging the battle against gender inequality.