The Prime Minister of India calls for a common global approach to the fight against crypto


In the 2022 WEF Davos agenda, the Prime Minister of India Narendra Modi called for a united global position to address the growing problems of cryptocurrencies. The main point of the Indian Prime Minister’s speech was that “one country can not cope well with the challenges of crypto”.

A call for a standard global approach

Speaking on the World Economic Forum’s Davos agenda for 2022 on Monday, the Indian prime minister discussed a number of challenges, including the need for a common global practice in dealing with cryptocurrencies.

On the WEF agenda, he said:

“The type of technology associated with it, the decisions made by one country will not be enough to meet its challenges. We must have such a way of thinking. “

Despite the lack of significant industry regulations and laws to protect investors, crypto trading continues to dominate in India. Because of the differing views of crypto-financial regulators, the government plans to pass a bill in this difficult situation to better protect investors.

The Prime Minister of India added.

“Cryptocurrency is an example of the challenges we face as a global family in a changing global order. In order to fight against it, every nation, every global agency must have a collective, simultaneous action. “

Modi government has not commented on the crypto bill

In December 2022, during the discussion of the winter session of the parliament, the crypto bill was the main priority of the debates. However, the government was unable to finalize it as it failed to stand firm on a number of important issues.

Related reading | India. Dealing with cryptocurrency և forward

According to some sources, the government has come to the conclusion that they will seek global help to find a common approach. However, the authorities have not yet confirmed why they were unable to submit the bill to parliament.

Crypto common market cap chart from TradingView.com

Total market cap at $1.977 trillion | Source: Crypto Total Market Cap on TradingView.com

Modi’s latest speeches և crypto

The Prime Minister of India has addressed several world forums over the last quarter, but he has never spoken to a local Indian audience about this issue.

Speaking at the Sydney Dialogue in November 2021, Modi warned that we must protect emerging technologies from any mismanagement. Similarly, at a Democracy Summit hosted by US President Joe Biden, Modi said that emerging technologies should secure the majority system, not overthrow it.

Emphasizing his position on this issue in the WEF Davos Agenda 2022, Modi noted:

“He reiterated this position during his speech at the WEF yesterday. “That is why every democratic nation must focus on reforming these institutions so that they are capable enough to meet modern challenges in the future.”

The event under discussion, the WEF Davos Agenda, is being held on January 17-21, 2022. The leaders of several states lined up to address the event.

Related reading | How does India see Crypto? a large exchange shows a 10-fold increase in the user base

International organizations, leading leaders in the field and civil society will also take part in the summit. It aims to discuss the most important challenges facing the world today, և discusses how to overcome them.

Chart from TradingView.com



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