Lens1000
VIP Contributor
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.
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.