India’s Prime Minister calls for international crypto cooperation

by: Dynasty GI2022-01-26
The Prime Minister of India, Narendra Modi, urged ‘every country, every global agency’ to collaborate on cryptocurrency, claiming that the technology behind it means that decisions taken by countries individually are not sufficient.
His call for cooperation was made during this year’s World Economic Forum in Davos, and was also extended to major global challenges such as supply chains, inflation and climate change.

Modi’s call follows similar comments made by him during a summit in December hosted by US President Joe Biden. Before that, he urged countries to work together on bitcoin and cryptos in general so that they didn’t fall into the wrong hands.

Despite earlier promises, his government is yet to present to parliament a planned Cryptocurrency and Regulation of Official Digital Currency bill. And India’s Central Bank, the RBI, has called on the government to ban cryptos in the country, claiming that a partial ban wouldn’t be workable.
"Prime Minister Modi clearly understands what is one of the most transformation aspects of blockchain-based currencies – their borderless nature. He is right that the world ought to look at cryptos from a global, not national, perspective but with the caveat that regulation does not lead to the stifling of a highly creative and innovative sector."
Warned Eduardo Carvalho, the founder and CEO of Dynasty Global.

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