India’s PM Calls For A Common Global Approach For Tackling Crypto
20 January 2022 - 8:30AM
NEWSBTC
At the WEF’s 2022 Davos agenda, Narendra Modi, Indian Prime
Minister, called for a united global stand to tackle the issues
emerging from the cryptocurrencies’ increasing adoption. The key
takeaway of the Indian PM’s talk was, “A single country cannot
tackle the challenges from crypto well enough.” Call For A Standard
Global Approach Talking for all intents and purposes at the World
Economic Forum’s 2022 Davos Agenda on Monday, the Indian Prime
Minister discussed several challenges, including a requirement for
a common global practice to deal with cryptocurrencies. He said at
the WEF agenda; “The kind of technology that is associated with it,
the decisions taken by a single country will be insufficient to
deal with its challenges. We have to have a similar mindset.”
Despite not having significant industry regulations and laws for
protecting investors, crypto trading in India keeps gaining
traction. Due to profoundly different perspectives of crypto
industry representatives and financial sector regulators, the
government plans to pass a bill in this challenging situation to
protect investors better. The India PM added, “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.”
Modi Government Undecided On Crypto Bill In December 2022, during
the winter session parliament discussion, the crypto bill was the
top priority for the debates. Still, the government could not
finalize things because it could not stand firm on a few critical
issues. Related Reading | India: A Back & Forth Affair With
Cryptocurrency According to some sources, the government concluded
that they would look for worldwide help figuring out a common
approach. Still, the authorities have not yet confirmed why they
failed to produce the bill to parliament. Total market cap at
$1.977 trillion | Source: Crypto Total Market Cap on
TradingView.com Modi’s Recent Speeches And The Crypto In the last
quarter’s time span, the Indian Prime Minister has spoken at
several world forums many times, but he never talked about this
issue to the local audience in India. In November 2021, at the
Sydney Dialogue, Modi, in his speech, forewarned that we must
protect emerging tech from any mishandling. Likewise, during the US
President Joe Biden-facilitated Democracy Summit, Modi said
emerging technologies ought to ensure a majority rule system, not
subvert it. Emphasizing his stance on the matter at the WEF’ Davos
Agenda 2022, Modi noted, “He reiterated this stance during his WEF
speech yesterday. “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.” The event in question, Davos Agenda of
the WEF, is being held from 17-21 this month, January 2022. Several
state heads are lined up to address the event. Related Reading |
How India Sees Crypto: Large Exchange Shows 10x Growth In User Base
International organizations, top industry leaders, and civil
society will also participate in the summit. It aims at the
deliberations on critical challenges that the world faces today and
discusses how to tackle them. Chart from TradingView.com
Amp (COIN:AMPUSD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Amp (COIN:AMPUSD)
Historical Stock Chart
From Apr 2023 to Apr 2024
Real-Time news about Amp (Cryptocurrency): 0 recent articles
More Amp News Articles