Indian Prime Minister Narendra Modi urges countries to collaborate on Bitcoin and cryptocurrency – Bitcoin regulation news

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Indian Prime Minister Narendra Modi urged democratic countries to work together to ensure cryptocurrency, especially bitcoin, does not end up in the wrong hands. Meanwhile, the Modi government is working on a regulatory framework for cryptocurrencies in India.

Indian Prime Minister Modi on Bitcoin and cryptocurrency

Indian Prime Minister Narendra Modi spoke about cryptocurrency, particularly bitcoin, during his virtual opening speech at the Sydney Dialogue on Wednesday.

He called on countries to work together to make sure cryptocurrency doesn’t fall into the wrong hands. “Take for example cryptocurrency or bitcoin. It is important that all democratic nations work together on this and ensure that this does not fall into the wrong hands, which could spoil our youth, ”Modi said.

Further, the Prime Minister urged Australia and India’s partners in the Indo-Pacific region “and beyond” to jointly invest in future technologies to “deepen intelligence and operational cooperation and develop standards. common for data governance and cross-border data flow ”.

Modi explained that the digital age changes everything. In addition to redefining politics, economies and societies, it raised new questions about sovereignty, governance, ethics, rights and security.

The Prime Minister’s statement on cryptocurrency and bitcoin came after he allegedly chaired a global meeting on the subject following consultation with the central bank, the Reserve Bank of India (RBI), the ministry of Finance and the Ministry of the Interior.

This week India’s Standing Parliamentary Finance Committee also held a meeting with representatives of the crypto industry. It was India’s very first parliamentary discussion on the broad subject of crypto finance involving the industry.

Meanwhile, Modi’s government is working on a regulatory framework for cryptocurrencies. Recent reports suggest that the government is considering regulating cryptos as assets, allowing Indians to hold them as investments. However, the use of crypto for payments and transactions will likely be banned.

India’s central bank continued to voice “serious and overriding” concerns about the cryptocurrency. RBI Governor Shaktikanta Das said the central bank had already raised concerns with the government.

Additionally, Business Standard reported on Wednesday that the government is considering classifying cryptocurrency exchanges as e-commerce platforms and levying a 1% Goods and Services Tax (GST) on them.

What do you think of Indian Prime Minister Modi calling on governments to collaborate on crypto? Let us know in the comments section below.

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