India"s Prime Minister Narendra Modi Urges Countries to Collaborate on Bitcoin, Cryptocurrency
The prime minister of India, Narendra Modi, has urged democratic countries to work together to ensure that cryptocurrency, particularly bitcoin, does not end up in the wrong hands. Meanwhile, the Modi government is working on a regulatory framework for cryptocurrencies in India. India’s Prime Minister Modi on Bitcoin and Cryptocurrency
Indian Prime Minister Narendra Modi talked about cryptocurrency, specifically bitcoin, during his virtual keynote address at the Sydney Dialogue Wednesday.
He called on countries to work together to ensure that cryptocurrency does not fall into the wrong hands. “Take cryptocurrency or bitcoin for example. It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth,” Modi said.
In addition, the prime minister urged Australia and India’s partners in the Indo-Pacific region “and beyond” to invest together in future technologies to “deepen intelligence and operational cooperation and develop common standards for data governance and cross border flow of data.”
Modi explained that the digital age is changing everything. Besides redefining politics, economies, and societies, it has raised new questions on sovereignty, governance, ethics, rights, and security.
The prime minister’s statement on cryptocurrency and bitcoin came after he reportedly chaired a comprehensive meeting on the subject following a consultation with the central bank, the Reserve Bank of India (RBI), the Ministry of Finance, and the Home Ministry.
This week, India’s Parliamentary Standing Committee on Finance also held a meetingwith representatives from the crypto industry. It was India’s first-ever parliamentary discussion of the broad subject of crypto finance involving the industry.
Meanwhile, Modi’s government is working on a regulatory framework for cryptocurrencies. Recent reports suggest that the government is planning to regulate crypto as assets, allowing Indians to hold them as investments. However, the use of crypto for payments and transactions will likely be banned.
India’s central bank has continued to voice “serious and major” concerns regarding cryptocurrency. RBI Governor Shaktikanta Das said the central bank has already communicated its concerns to the government.
Furthermore, Business Standard reported Wednesday that the government is considering classifying cryptocurrency exchanges as e-commerce platforms and levying a 1% goods and services tax (GST) on them. Tags in this story Bitcoin regulation, collaborate bitcoin, collaborate cryptocurrency, Cryptocurrency regulation, cryptocurrency youth, democratic countries, Indian, indian government, Indian Prime Minister, Narendra Modi
What do you think about India’s Prime Minister Modi calling on governments to collaborate on crypto? Let us know in the comments section below. Russia’s Prosecutor General Wants Cryptocurrency Recognized as Property Under Criminal Law REGULATION | 19 hours ago Famed Economist Doubts Bitcoin Will Become Global Currency REGULATION | 21 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleIMF Says Nigerian CBDC Drawing Global Interest, Warns of Associated Risks Next articleWorld’s Largest Collector Car Auction House RM Sotheby’s to Accept Cryptocurrencies Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRussian Nationalists Prepare Bill to Regulate Cryptocurrency Mining
Lawmakers from the Liberal Democratic Party of Russia are gearing up to introduce a draft law designed to regulate crypto mining. The nationalists say the legislation will benefit both Russian citizens and the state, as well as those who want ... read more.The Metaverse Is the Next Big Investment Theme, According to Morgan Stanley Finiko Fugitives Suspected of Moving 750 BTC From Crypto Pyramid’s Wallet 13,000 BTC Moved in 20 Months — 2010 Mystery Miner Transfers Another String of 20 Decade-Old Block Rewards Bank of England Governor Warns Crypto Is Providing Means of Payment for Criminals