Indian PM calls for common global approach to cryptography


On the WEF’s Davos 2022 agenda, Indian Prime Minister Narendra Modi called for a unified global stance to address issues that have arisen with the growing popularity of cryptocurrencies. The main message of the Indian Prime Minister’s speech was that “a country cannot handle the challenges posed by encryption well.”

A call for a standard global approach

Speaking up at the World Economic Forum’s Davos 2022 Agenda on Monday, the Prime Minister of India discussed several challenges, including the requirement for a global approach to dealing with cryptocurrencies.

He said on the World Economic Forum agenda;

“The technology associated with it, the decisions a country makes will not be enough to meet its challenges. We have to have a similar mentality.”

Although there are no significant industry regulations and laws to protect investors, cryptocurrency trading in India has been under the spotlight. The government plans to pass a bill to better protect investors amid these challenging circumstances, as crypto industry representatives and financial sector regulators have contrasting views.

The Prime Minister of India added,

“Cryptocurrency is an example of the challenges we face as a global family in a changing global order. To solve this problem, every country, every global institution needs to take collective and synchronized action.”

Modi government undecided on crypto bill

In December 2022, during the winter session parliamentary discussions, Crypto bills are a top priority for debate. Still, the government can’t get things done because it can’t get a foothold on some key issues.

Related reading | India: Intercourse with cryptocurrencies

According to some sources, the government has concluded that they will seek help from around the world to find a common approach. Still, authorities have yet to confirm why they failed to bring the bill to parliament.

Total market cap at $1.977 trillion | Source: Crypto Total Market Cap on TradingView.com

Modi’s recent speeches and cryptocurrencies

In the span of the last quarter, the Prime Minister of India has spoken at multiple world forums, but he has never addressed the issue in front of a local audience in India.

In his speech at the Sydney Dialogue in November 2021, Modi forewarned that we must protect emerging technologies from any mishandling. Likewise, at the Democracy Summit hosted by U.S. President Joe Biden, Modi said emerging technologies should ensure the majority rule system, not upend it.

Highlighting his stance on the matter at the World Economic Forum’s Davos 2022 Agenda, Modi noted,

“He reiterated this position in his World Economic Forum speech yesterday. “That is why it is the responsibility of every democracy to underscore the reform of these institutions so that they are adequately equipped to meet the modern challenges of the future.” “

The event in question, the World Economic Forum’s Davos Agenda, will take place from the 17th to the 21st of this month, January 2022. Several heads of state were lining up to speak.

Related reading | How India sees cryptocurrencies: Big exchanges show 10x growth in user base

International organisations, top industry leaders and civil society will also participate in the summit. It aims to consider the major challenges facing the world today and discuss how to address them.

Chart from TradingView.com



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