Indian Prime Minister Calls for Stand on Cryptocurrencies

India's Prime Minister

January 18, 2022

Reading Time: 2 minutes

The prime minister of India, Narendra Modi, wants nations to have a global stand when it comes to the subject of cryptocurrencies. According to Modi, a united point of view will be an advantage in addressing the challenges arising from the speedy adoption of cryptocurrency.

One Country is Insufficient to Face Cryptocurrency: India’s Prime Minister

Speaking at the World Economic Forum’s virtual Davos Agenda conference on Monday, the Prime Minister of India, Narendra Modi, explained that one country is insufficient to face the challenges of cryptocurrencies. The technology behind these digital coins, he said, requires governments worldwide to collaborate with a similar mindset.

As cryptocurrency continues to break into the mainstream, so are the challenges associated with them. India’s prime minister gave examples like supply chain disruptions, inflation, climate change, and cryptocurrency as some of the setbacks governments face. He, therefore, urges for the collective and synchronized action of every country and each global agency.

Modi’s recent comments emphasize what he stated in a summit hosted by U.S. President Joe Biden in 2020. During the conference, Modi mentioned that countries should use cryptocurrencies to empower democracy. He warned countries to take charge so that these digital assets do not fall into the wrong hands.

Prime Minister Modi’s Efforts towards Crypto Regulation in India

Prime Minister Modi has first-hand experience on how futile the decisions of a single country are when it comes to cryptocurrency. In 2020, Modi presented the “Cryptocurrency and Regulation of Official Digital Currency Bill.” The bill wanted to impose an outright ban on cryptocurrency in India.

India’s crypto industry has continued to grow, even after the bill’s introduction. In India, crypto investors have more than doubled from 7 million in 2020 to 15 million in 2021. The realization of the blatant failure of Modi’s bill may have fueled the evolution of the law to segmentation of cryptocurrencies as digital assets and not means of payment.

India has another pending bill that is looking to ban specific cryptocurrencies. It is uncertain how effective it will be once it passes. Prime Minister Modi holds the final decision on India’s crypto regulation.

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