Indian Prime Minister Calls for Global Cooperation on Cryptocurrency

Indian Prime Minister Narendra Modi called for global cooperation to tackle the challenges posed by cryptocurrencies.

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• Speaking virtually at the 2022 World Economic Forum’s annual Davos conference, Modi said “Cryptocurrency is an example of the kind of challenges we are facing as a global family with a changing global order. To fight this, every nation, every global agency needs to have collective and synchronized action.”
• Likening cryptocurrency to supply-chain disruptions, inflation and climate change, Modi said “the kind of technology cryptocurrency is associated with makes decisions taken by one country inadequate to meet the challenges posed by cryptocurrency. We have to have common thinking.”
• The Indian government has yet to formulate its own regulatory framework for crypto assets, and has already decided to study regulatory measures elsewhere and how global standards on cryptocurrencies evolve. The Finance Ministry has reached out to the Bank for International Settlements (BIS) to frame its legislation.
• The country’s draft cryptocurrency bill probably won’t become law until after the year’s Budget Session ends in April. The bill has reportedly evolved from prohibiting all private cryptocurrencies while allowing “for certain exceptions to promote the underlying technology” to enabling cryptocurrency to be used as an asset, but banning its use as currency or payment.
• In his address, Modi asked whether multilateral organizations are equipped to tackle modern challenges. “When these institutions were formed circumstances were different and today they are different.”
• “That’s why every democratic nation has the responsibility to bring about an emphasis towards reforms in these institutions to make them capable enough to deal with modern challenges in the future,” he said.
• Modi, who leads the world’s second-most populous country, ended his address by adding that new challenges need new directions, that every nation needs the support of other nations much more than before, and that he has faith the discussions at the conference will bear fruit.
• On Nov. 18, 2021, Modi gave a virtual keynote address at the Sydney Dialogue, an annual summit on emerging technology, and said democratic countries should work together to ensure crypto “doesn’t end up in the wrong hands” and “spoil our youths.”

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