PM Modi Calls For Collective Global Effort On Crypto At Davos Meet

The prime minister mentioned that the kind of technology that is associated with cryptocurrency, the decisions taken by a single country will be inadequate to deal with its challenges

Prime Minister Narendra Modi

New Delhi: Prime Minister Narendra Modi has called for a collective global effort to deal with the problems posed by cryptocurrenices.

Speaking at the World Economic Forum’s Davos Agenda 2022 virtual event, Modi said, “Today, with the change in the global order, the challenges we have been facing as a global family are also increasing. To combat these, there is a need for collective and synchronized action by every country, every global agency. Supply chain disruptions, inflation, and climate change are few examples of these challenges. Another example is cryptocurrency.”

The Centre has been mulling to introduce cryptocurrency-related Bill in the winter session of parliament in December, however, the Bill has been shelved.

"ये supply chain के disruptions, inflation और Climate Change इन्हीं के उदाहरण हैं।

एक और उदाहरण है- cryptocurrency का।"

- प्रधानमंत्री @narendramodi#WEF2022 #WorldEconomicForum #DavosAgenda pic.twitter.com/HMvLRr5hwn

— Ministry of Information and Broadcasting (@MIB_India) January 18, 2022

The prime minister in his speech mentioned that the kind of technology that is associated with it (cryptocurrency), the decisions taken by a single country will be inadequate to deal with its challenges.

“We have to have a common mindset. But looking at the global scenario today, the question is whether multilateral organizations are ready to deal with the new world order and new challenges; is that strength left in them? When these institutions were formed, the situation was different. Today the circumstances are different. Therefore, it is the responsibility of every democratic country to emphasize reforms in these institutions so that they can come up to the task of tackling the challenges of present and future. I am sure there will be a positive dialogue in this direction during the discussions in Davos.”

The government has previously flagged that it plans to ban most cryptocurrencies in India, a move which would follow recent measures by China that intensified its crackdown on digital currencies.

The Reserve Bank of India (RBI) has also voiced ‘serious concerns’ around digital currencies saying that they may impact financial stability.

According to industry estimates, there are around 20 million cryptocurrency investors in India, with total crypto holdings of around Rs 40,000 crore.

Barring cryptocurrency, Modi said that India is also working on signing free trade agreements with many countries.