- Modi calls for worldwide participation in Cryptocurrency.
- The Prime Minister has been vocal about his concerns related to digital currency.
- RBI is against the practice of the use of cryptocurrency in the country.
- Prime Minister Modi is responsible for taking the final decision regarding cryptocurrency.
India’s Prime Minister, Narendra Modi, seeks to ally with governments worldwide to collaborate on cryptocurrency. He talked about global cooperation to collectively face the challenges in the crypto world at the World Economic Forum’s virtual Davos Agenda conference on Monday. He stated, “The kind of technology associated with it will be insufficient to deal with its challenges. We have to have a similar mindset.”
Further elaborating on this matter, in November, he said, “The challenges we have been facing are also increasing. To counter these, there is a need for collective and synchronized action by every country, every global agency. These supply chain disruptions, inflation, and climate change are examples of these. Another example is cryptocurrency.”
Prime minister Modi has repeatedly shared his opinion favouring cryptocurrency and has projected his concerns. Last December, at the summit hosted by U.S. President Joe Biden, he spoke about shaping “global norms” to ensure that cryptocurrency is used to “empower democracy, not to undermine it.” He also encouraged nations to “work together” to stop cryptocurrency or bitcoin from falling into “wrong hands” in November.
However, the Reserve Bank of India (RBI) has repeatedly proposed a complete ban on cryptocurrency. It has been warned that cryptocurrency will pose a significant threat to the nation’s economy. The government is currently working to establish a regulatory framework for digital currency. A bill labelled as “The Cryptocurrency and Regulation of Official Digital Currency” was supposed to be discussed at the winter session of the Parliament. Still, the matter did not elevate, and the government is reportedly making changes.