Cryptocurrency

PM Narendra Modi stresses on the need of an uniform approach to crypto around the world at WEF

By Amit Srivastava

There is a need for a uniform approach to crypto around the world, says Prime Minister Narendra Modi at the World Economic Forum on January 17. He said that steps taken by a single country will not be sufficient.

As India is drawing laws to regulate the digital currency, PM Modi stressed that other countries too need to work on it. He was addressing the World Economic Forum's Davos Agenda on January 17 via video conference. During five days virtual event, several Heads of State will address including Australian Prime Minister Scott Morrison, Indonesian President Joko Widodo, Israeli Prime Minister Naftali Bennett, Chinese President Xi Jinping, Japanese Prime Minister Kishida Fumio, European Commission President Ursua von der Leyen, Australian Prime Minister Scott Morrison, Indonesian President Joko Widodo, Israeli Prime Minister Naftali Bennett, Chinese President Xi Jinping, among others.

 While the central bank of India wants a complete ban on digital currency, the government brought a bill in the winter session of parliament and currently waiting for approval. During the annual budget for 2022-23, the finance minister Nirmala Sitharaman is likely to announce a major decision regarding cryptocurrency in the country.

Earlier, PM Modi said that cryptocurrency is an emerging technology and should be used to empower democracy, not undermine it. The government believes that unregulated transactions in digital currencies can affect macroeconomic and financial stability.