Indian Prime Minister Narendra Modi has urged governments to collaborate on developing global standards for the integration of technology such as bitcoin.
PM Modi made the remarks during his Democracy summit speech. He also urged governments to see social media and cryptocurrencies as instruments for enhancing rather than harming democracy.
India is now at a tipping point in terms of cryptocurrency legislation, with the draught cryptocurrency law finally being submitted for debate in parliament. The finance minister has said that the government would not impose a blanket ban on cryptocurrencies and will instead seek to regulate them as an asset class. According to recent sources, Prime Minister Modi may make a final decision on the crypto law before it is introduced in parliament.
Despite the government’s assurances, the mainstream media continues to instil dread among the populace. Numerous stories have been published based on the language of the previous draught law, alleging heavy penalties for cryptocurrency trading. This has occurred despite assurances from the Indian government that the bill’s text would be comparable to the prior draught owing to the legislative procedure.
Indian Prime Minister Urges Increased Utilization of Cryptocurrency Technology
PM Modi’s statements on crypto regulation are very similar to those he made in his earlier address on a similar subject. He has warned against inappropriate exploitation of the emerging technology and urged for a unified regulatory framework. As he stated:
“For instance, consider the cryptocurrency bitcoin. It is critical that all democratic countries collaborate on this and guarantee that it does not fall into the wrong hands, spoiling our children.”
The Indian crypto ecosystem is one of the most rapidly developing in the decentralised world, both in terms of growth and the increasing number of unicorns. India has developed into a rising centre for famous venture capital firms, and a number of Indian cryptocurrency exchanges have achieved unicorn status in the last year. Thus, India may benefit significantly from favourable crypto legislation that fosters innovation.
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