The indian prime minister called for a global support on cryptocurrency

[Lens1000]

Narendra Modi, India's prime leader, has urged governments throughout the world to work together on cryptocurrency. "The type of technology linked with it, the judgments taken by a single country will be insufficient to deal with its issues," he said.


At the World Economic Forum's virtual Davos Agenda summit on Monday, Indian Prime Minister Narendra Modi discussed bitcoin.


The technology linked with it, as well as the judgments made by a single country, will not be adequate to meet its problems. We need to think in the same way.

This isn't the first time Prime Minister Modi has urged nations to work together on cryptocurrencies. He argued at a symposium organized by US President Joe Biden in December last year that bitcoin should be utilized to support democracy. He asked governments to work together on bitcoin and cryptocurrency in November to prevent them from falling into the wrong hands.

For quite some time, the Indian government has been working on a regulatory framework for cryptocurrency. In the winter session of parliament, a measure named "The Cryptocurrency and Regulation of Official Digital Currency" was scheduled to be examined, however it was not taken up. The measure is now being reworked by the government. According to reports, Modi will make the final decision on cryptocurrency legislation in India.


However, the Reserve Bank of India (RBI) has urged the Indian government to outright ban cryptocurrency. The central bank stated at a recent meeting of its board of directors that a partial prohibition will not work. The Reserve Bank of India has often expressed concern about the dangers that cryptocurrencies poses to the country's financial system. The Swadeshi Jagran Manch (SJM), a nationalist Rashtriya Swayamsevak Sangh branch, has also pushed the Indian government to prohibit cryptocurrency use.

The Indian cryptocurrency business is currently looking for clarification on taxation in the Union Budget for 2022-23. The raids came after the Directorate General of GST Intelligence (DGGI) discovered substantial tax fraud at key crypto exchanges.

Meanwhile, Pakistan, a neighboring country, is developing its own cryptocurrency regulatory structure.

 

[minenovo]

This is new. Usually the Indian government seems to be pretty anti-crypto. I wonder whether it will lead to any concrete legislative changes in India though.

 

[btaliat]

The is the first time I am reading crypto support from India. In fact, if it won't be tagged asking too much, I would loved to have access to the link of this report. Most news that do come out of India is about regulation of crypto. The last time I read about Indian policy on crypto, it was that India has regulated crypto. And it has made sure that there is one central body which all crypto transactions will be passing through. The law also gave citizens and companies some regulated amount to he used while transacting in crypto. It however ends by meting out strict sanctions to anybody that goes against the rule.

 

[Lens1000]

This is new. Usually the Indian government seems to be pretty anti-crypto. I wonder whether it will lead to any concrete legislative changes in India though.

I didn't see the Indian government as anti crypto. because if they are, cryptocurrency would have been banned in the country. Instead of the ban option, they decide to come out with a regulatory framework. The essence of the regulation is solely based on the use of cryptocurrencies by criminals that still funds. This is possible because cryptocurrency transactions cannot be traced. Many government also blamed cryptocurrency on its uses to support terrorism.