India's PM Calls For A Common Global Approach For Tackling Crypto
At the WEF's 2022 Davos agenda, Narendra Modi, Indian Prime Minister, called for a united global stand to tackle the issues emerging from the cryptocurrencies' increasing adoption. The key takeaway of the Indian PM's talk was, "A single country cannot tackle the challenges from crypto well enough."
A Standard Global Approach to All Problems
Talking for all intents and purposes at the World Economic Forum's 2022 Davos Agenda on Monday, the Indian Prime Minister discussed several challenges, including a requirement for a common global practice to deal with cryptocurrencies.
At the WEF agenda, he said:
"The kind of technology that is associated with it, the decisions taken by a single country will be insufficient to deal with its challenges. We have to have a similar mindset."
Although India does not have any industry regulation or laws to protect investors, cryptocurrency trading is gaining momentum. Because of the starkly differing perspectives of financial sector regulators as well as crypto industry representatives, government officials plan to introduce a bill that will better protect investors.
India PM also,
"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."
Modi Government Still Undecided About Crypto Bill
The crypto bill was the highest priority during winter session 2022 parliament discussions. The government couldn't finalize the matter because of a handful of critical points.
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Sources claim the government agreed to seek out international assistance in determining a shared approach. However, authorities have yet to clarify why the bill wasn't presented to parliament.
Global market cap of $1.977 billion | Source: Crypto Total Market Cap on TradingView.com
Modi's Recent Speeches And The Crypto
In the last quarter's time span, the Indian Prime Minister has spoken at several world forums many times, but he never talked about this issue to the local audience in India.
Modi spoke at the Sydney Dialogue in November 2021 warning that any misuse of emerging tech must be prevented. Modi, who was facilitating the Democracy Summit in Washington, USA, stated similarly that emerging technologies should ensure an orderly democracy and not be subverted.
Emphasizing his stance on the matter at the WEF' Davos Agenda 2022, Modi noted,
"He reiterated this stance during his WEF speech yesterday. "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."
Davos Agenda, the WEF's January 2022 event, will be held between 17-21 of this month. The event will be addressed by several heads of state.
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Summit participants include leaders from top industries, international organisations, civil society, and other stakeholders. The summit focuses on the discussion of the most pressing challenges facing the world today, and how they can be addressed.
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