Indian Prime Minister calls for global cooperation on cryptocurrencies
Speaking on cryptocurrencies at the World Economic Forum’s Virtual Agenda conference in Davos on Monday (January 17), Indian Prime Minister Narendra Modi called on governments around the world to work together on electronic money.
“The challenges we face are also increasing. To fight these things, all countries and organizations around the world must act together and collectively. Examples include supply chain disruptions, inflation and climate change.
The nature of the technology involved, the individual choices made by a few countries, will not be enough to meet its challenges. We have to be on the same side.”
This isn’t the first time Prime Minister Modi has called on countries to cooperate on cryptocurrencies. In December last year, at a summit hosted by United States President Joe Biden, he said cryptocurrencies should be used to strengthen democracy. In November, he also urged countries to work together on bitcoin and cryptocurrencies to ensure they don’t fall into the wrong hands.
The Indian government has been working on a regulatory framework for cryptocurrencies for quite some time.
The “Cryptocurrency and Regulation of the Official Digital Currency” bill was tabled for consideration during Parliament’s winter session, but was not passed and is currently being revised. Modi is expected to make the final decision on crypto regulation in India.
However, the Reserve Bank of India (RBI) has urged the Indian government to ban cryptocurrencies outright. During the 592nd Central Board meeting, the RBI said a partial ban would not work. The bank has also repeatedly warned of the risks that cryptocurrencies pose to the country’s financial system. Swadeshi Jagran Manch (SJM), an offshoot of nationalist Rashtriya Swayamsevak Sangh, has also called on the Indian government to ban cryptocurrencies.
India’s crypto industry is currently seeking tax clarity in the 2022-23 Union budget. This effort comes after the Director General of the GST Intelligence Agency (DGGI) raided major cryptocurrency exchanges and discovered tax evasion.
Meanwhile, neighboring Pakistan is also working on a regulatory framework for cryptocurrencies. The country’s central bank, SBP, recently recommended a total ban on cryptocurrencies.
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