Countries need similar mindset to deal with cryptocurrency challenges: PM Modi
While delivering the special address at WEF’s virtual Davos Agenda, PM Modi stated that with the kind of technology cryptocurrency is associated with, decisions taken by a single country will be insufficient to deal with its challenges.
- Jan 17, 2022,
- Updated Jan 22, 2022 4:43 PM IST
Prime Minister Narendra Modi on Monday asserted that the challenges of cryptocurrency as digital assets need to be dealt with a common approach and similar mindsets across the world.
While delivering the 'State of the World' special address at the World Economic Forum's virtual Davos Agenda, PM Modi stated that with the kind of technology cryptocurrency is associated with, the decisions taken by a single country will be insufficient to deal with its challenges.
"Today, with the change in the global order, the challenges we have been facing as a global family are also increasing," he said during his address, adding that collective and synchronised action is needed by every country and every global agency to counter these problems.
Also Read: WEF Davos Agenda: Best time to invest in India, says PM Modi
"With the type of technology that is related with cryptocurrency, actions taken by any one country will not be sufficient to deal with the challenges posed by it. All the countries will need to have the same approach to it," he said.
The prime minister listed that besides cryptocurrency, the other global challenges faced by the world are supply chain disruptions, inflation and climate change are examples of these.
PM Modi has flagged the issue with unregulated cryptocurrency in the past as well.
Earlier, in a virtual summit hosted by US President Joe Biden, PM Modi had said that emerging technologies such as cryptocurrencies should be used to empower democracy, not undermine it.
Policymakers in India say unregulated transactions in digital currencies could hurt macroeconomic and financial stability. After initially planning to ban cryptocurrencies, the Modi government is instead considering legislation to regulate their use.
Meanwhile, there are an estimated 15 million to 20 million cryptocurrency investors in India, with total crypto holdings of around Rs 4 lakh crore, according to industry estimates, news agency Reuters has reported.
Prime Minister Narendra Modi on Monday asserted that the challenges of cryptocurrency as digital assets need to be dealt with a common approach and similar mindsets across the world.
While delivering the 'State of the World' special address at the World Economic Forum's virtual Davos Agenda, PM Modi stated that with the kind of technology cryptocurrency is associated with, the decisions taken by a single country will be insufficient to deal with its challenges.
"Today, with the change in the global order, the challenges we have been facing as a global family are also increasing," he said during his address, adding that collective and synchronised action is needed by every country and every global agency to counter these problems.
Also Read: WEF Davos Agenda: Best time to invest in India, says PM Modi
"With the type of technology that is related with cryptocurrency, actions taken by any one country will not be sufficient to deal with the challenges posed by it. All the countries will need to have the same approach to it," he said.
The prime minister listed that besides cryptocurrency, the other global challenges faced by the world are supply chain disruptions, inflation and climate change are examples of these.
PM Modi has flagged the issue with unregulated cryptocurrency in the past as well.
Earlier, in a virtual summit hosted by US President Joe Biden, PM Modi had said that emerging technologies such as cryptocurrencies should be used to empower democracy, not undermine it.
Policymakers in India say unregulated transactions in digital currencies could hurt macroeconomic and financial stability. After initially planning to ban cryptocurrencies, the Modi government is instead considering legislation to regulate their use.
Meanwhile, there are an estimated 15 million to 20 million cryptocurrency investors in India, with total crypto holdings of around Rs 4 lakh crore, according to industry estimates, news agency Reuters has reported.