Prime Minister Narendra Modi Calls For Global Cooperation On Cryptocurrency

Speaking virtually at the 2022 World Economic Forum (WEF)'s annual Davos Agenda Conference, India¡¯s Prime Minister Narendra Modi yesterday called for global cooperation to tackle the challenges posed by cryptocurrencies.

Prime Minister Modi said "Cryptocurrency is an example of the kind of challenges we are facing as a global family with a changing global order. To fight this, every nation, every global agency needs to have collective and synchronized action."

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Addressing the World Economic Forum's #DavosAgenda. @wef https://t.co/SIjcQ741NB

¡ª Narendra Modi (@narendramodi) January 17, 2022

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Need For Common Thinking

He also mentioned that "the kind of technology cryptocurrency is associated with makes decisions taken by one country inadequate to meet the challenges posed by cryptocurrency. We have to have common thinking."

In his address, India¡¯s Prime Minister also asked whether multilateral organizations are equipped to tackle modern challenges. He further stated that when these institutions were formed circumstances were different and today they are different.

That's why every democratic nation has the responsibility to bring about an emphasis towards reforms in these institutions to make them capable enough to deal with modern challenges in the future.

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New Challenges Need New Directions

Narendra Modi ended his address at WEF by adding that new challenges need new directions, that every nation needs the support of other nations much more than before, and that he has faith the discussions at the conference will bear fruit.

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Promoting India As A Business Hub

The Prime Minister also emphasized that India is sending record number of software engineers to the world, and more than 50 lakh software developers are working in India.

He also stated that India has the third-largest number of Unicorns in the world, with more than 10,000 start-ups registered in the last 6 months.

PM Modi even mentioned how India is promoting ease of doing business and minimizing government intervention.

He said "India has made it the most competitive in the world by simplifying, reducing its corporate tax rates. Last year alone, we have reduced more than 25,000 compliances".

He urged the world to invest in India, by stating that "the spirit of entrepreneurship, which has the capacity to adopt new technology in Indians, can give new energy to each of our global partners".

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India¡¯s Crypto Future?

The Indian government is yet to formulate its own regulatory framework for crypto assets, and the much anticipated Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is still pending at the government's end.

The Bill was expected to be tabled in the upcoming Budget 2022¡¯s session which is less than two weeks away. But as per latest details revealed by a senior finance ministry official to ET, the Bill is further expected to get delayed as the government needs time to build consensus. As per the officials with knowledge of the matter ¡± While the Centre is keen on the bill, it is looking to hold more discussions with stakeholders to firm up a view on the policy¡±.

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