Indian Prime Minister Narendra Modi calls on countries to cooperate on Bitcoin, cryptocurrency – Bitcoin Regulation News

Indian Prime Minister Narendra Modi calls on countries to cooperate on Bitcoin, cryptocurrency – Bitcoin Regulation News

Indian Prime Minister Narendra Modi called on democratic countries to work together to ensure that cryptocurrencies, especially bitcoin, do not end up in the wrong hands. Meanwhile, Modi’s government is working on a regulatory framework for cryptocurrencies in India.

Indian Prime Minister Modi on bitcoin and cryptocurrency

Indian Prime Minister Narendra Modi spoke about cryptocurrency, especially bitcoin, during his virtual introductory address at the Sydney Dialogue on Wednesday.

He called on countries to work together to ensure that cryptocurrency does not fall into the wrong hands. “Take cryptocurrency or bitcoin as an example. “It is important that all democratic nations work together on that and ensure that it does not end up in the wrong hands, which can ruin our youth,” Modi said.

Indian Prime Minister Narendra Modi calls on countries to cooperate on cryptocurrencies such as bitcoin

In addition, the prime minister called on Australia and India’s partners in the Indo-Pacific region “and beyond” to jointly invest in future technologies to “deepen intelligence and operational cooperation and develop common standards for data management and cross-border data flow.”

Modi explained that the digital age is changing everything. In addition to redefining politics, economics and society, it has raised new questions about sovereignty, governance, ethics, rights and security.

The Prime Minister’s statement on cryptocurrency and bitcoin followed after he allegedly chaired a comprehensive meeting on this topic after consultation with the Central Bank, the Reserve Bank of India (RBI), the Ministry of Finance and the Ministry of Interior.

This week, the Standing Committee on Finance of the Indian Parliament also held a meeting with representatives of the crypto industry. It was India’s first parliamentary debate on a broad topic of crypto-financing involving industry.

Meanwhile, Modi’s government is working on a regulatory framework for cryptocurrencies. Recent reports suggest the government plans to regulate cryptocurrencies as an asset, allowing Indians to hold them as investments. However, the use of cryptocurrencies for payments and transactions is likely to be banned.

India’s central bank continues to talk about “serious and big” concerns regarding cryptocurrencies. RBI Governor Shaktikanta Das said the central bank had already conveyed its concerns to the government.

Furthermore, Business Standard reported on Wednesday that the government is considering classifying cryptocurrency exchanges as platforms for e-commerce and the imposition of a 1% tax on goods and services (GST).

What do you think of Indian Prime Minister Modi who called on governments to cooperate on crypto? Let us know in the comments section below.

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