The prime minister of India, NarendraModi, has called on democratic countries to cooperate to ensure that cryptocurrency (especially bitcoin) does not get into the wrong hands. The Modi government is currently working on a regulatory framework in India for cryptocurrency.
Bitcoin news India’s Prime Minister Modi on Bitcoin and Cryptocurrency
Indian Prime minister Narendra Modi spoke about cryptocurrency, particularly bitcoin, during his virtual keynote speech at the Sydney Dialogue Wednesday.
He urged countries to collaborate to make sure that cryptocurrency doesn’t fall into the wrong hands. Take bitcoin or cryptocurrency as an example. Modi stated that it is crucial that all democratic countries work together to ensure that this doesn’t end up in the wrong hands. This could spoil our youth.
The prime minister also urged India and Australia’s partners in Indo-Pacific to join forces in developing future technologies to “deepen Intelligence and Operational Cooperation and Develop Common Standards for Data Governance and Cross-Border Transfer of Data .”
Modi stated that the digital age has changed everything. It has reshaped politics, economies and societies and raised new questions about sovereignty, governance and security.
The prime minister’s statement about cryptocurrency and bitcoin was made after he had reportedly presided over a comprehensive meeting regarding the topic following consultations with the central bank (RBI), the Ministry of Finance and the Home Ministry.
This week, India’s Parliamentary Standing Committee on Finance held a meeting to discuss the industry. This was India’s first ever parliamentary discussion on the broad topic of crypto finance.
Modi’s government continues to work on a regulatory framework regarding cryptocurrencies. According to recent reports, the government plans to regulate crypto assets and allow Indians to invest in them. Cryptocurrency transactions and payments will be prohibited.
India’s Central Bank has voiced “serious” and “major” concerns about cryptocurrency. Shaktikanta Das, Governor of RBI, stated that the central bank had already expressed its concerns to government.
Business Standard reported Wednesday that the government was considering classifying cryptocurrency exchanges in e-commerce platforms, and imposing a 1% goods & services tax (GST).
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