At the World Economic Forum’s virtual Davos Agenda summit on Monday, Indian Prime Minister Narendra Modi discussed bitcoin.
“The challenges we have been facing are also increasing. To counter these, there is a need for collective and synchronized action by every country, every global agency. These supply chain disruptions, inflation, and climate change are examples of these. Another example is cryptocurrency,” Prime Minister Modi said, elaborating:
“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.”
This isn’t the first time Prime Minister Modi has urged nations to work together on cryptocurrencies. He argued at a symposium organized by US President Joe Biden in December last year that bitcoin should be utilized to support democracy. He asked governments to work together on bitcoin and cryptocurrency in November to prevent them from falling into the wrong hands.
For quite some time, the Indian government has been working on a regulatory framework for cryptocurrency. In the winter session of parliament, a measure named “The Cryptocurrency and Regulation of Official Digital Currency” was scheduled to be examined, however it was not taken up.
However, the Reserve Bank of India (RBI) has urged the Indian government to outright ban cryptocurrency. The central bank stated at a recent meeting of its board of directors that a partial prohibition will not work. The Reserve Bank of India has often expressed concern about the dangers that cryptocurrencies poses to the country’s financial system.
The Swadeshi Jagran Manch (SJM), a nationalist Rashtriya Swayamsevak Sangh branch, has also pushed the Indian government to prohibit cryptocurrency use.
The Indian cryptocurrency business is currently looking for clarification on taxation in the Union Budget for 2022-23. The raids came after the Directorate General of GST Intelligence (DGGI) discovered substantial tax fraud at key crypto exchanges.
Meanwhile, Pakistan, a neighboring country, is developing its own cryptocurrency regulatory structure. The State Bank of Pakistan (SBP), the country’s central bank, recently advocated a blanket ban on cryptocurrency.
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