India PM calls for global ‘common thinking’ on crypto regulation
India prime minister Narendra Modi called for collective and synchronized global action to tackle the challenges posed by cryptocurrency.
Fast facts
- Speaking at the World Economic Forum’s virtual conference on Monday, 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.”
- He added: “To fight this, every nation, every global agency needs to take collective and synchronized action.”
- Cryptocurrencies are in a legal gray zone in India. A bill that would ban certain cryptocurrencies is expected to carry over to the Parliament’s budget session starting on Jan. 31.
- Modi’s comments on crypto at Davos is similar to his address last year at the virtual Sydney Dialogue, where he said that it was important for all democratic nations to work together on crypto regulation to ensure that it does not end up in the “wrong hands” or “spoil our youth.”
- Despite regulatory uncertainty, India’s crypto sector has continued to grow, with the number of investors more than doubling from 7 million in 2020 to 15 million in 2021.