India’s Prime Minister wants to collaborate on a global level to formulate crypto regulations for the country. According to him, the outlook on cryptocurrencies should be the same for every country. This is because a single country’s decisions or regulations might not be efficient enough to deal with all the challenges posed by cryptocurrencies. It is not the first time that Narendra Modi (India’s PM) has made such a statement. He has always been in favor of working with other nations to handle cryptocurrencies efficiently.
India’s Prime Minister on crypto regulation
One of the significant things that can be ruled out for crypto regulation in India is a ban. If there were any chances of that to happen, it would have. But at present, we are looking for a positive regulation that doesn’t stop the growth of crypto. At the same time, it makes sure that the economy isn’t endangered as well. Coming to Modi’s take on regulating crypto, he is of the point of view that working with other nations for this will be beneficial.
He said that there are a lot of challenges that are increasing due to crypto. And they can be defeated only by synchronized action of various countries. Modi pointed out inflation and climate change as a few of those problems. This makes sense as a single country is hardly going to have any significant impact on those problems. But collectively, they can be solved in an efficient manner.
Not the first time
This is not the first time that India’s Prime Minister said that he wants to collaborate on a global level. Back in December 2021, there was a summit hosted by Joe Biden where he said something on similar lines. Modi believed that crypto should be used to empower democracy and make sure that it doesn’t fall into the wrong hands. For this, he urged countries to collaborate and work together.
India’s regulatory scenario
India has been working on regulatory laws for quite a while. In 2021, the crypto bill was supposed to arrive first in the budget session and then in the winter session but got delayed. Amendments are still going on, and we can expect something in the 2022 budget session.
What are your thoughts as India’s Prime Minister is keen on working with other nations for crypto regulation? And do you think that the US or some other country will come forward to do the same? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Uruguay’s first Bitcoin ATM is now installed.
