Indian Prime Minister Narendra Modi has once again called for “global collaboration” to deal with the challenges posed by crypto assets. The PM made a similar statement at the Sydney Dialogue last November, calling all democratic nations to make a collective effort in regulating the nascent industry.
This time, however, Modi spoke at the 2022 World Economic Forum’s annual Davos conference and urged for a “collective and synchronized action by every country” in tackling the challenges posed by crypto assets.
“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, adding:
“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.”
In addition, the Prime Minister questioned the ability of international organizations to deal with new challenges, elaborating that “when these organisations were formed, the situation was different, today the situation is different.” He noted:
“Therefore, it is responsibility of every democratic country to give emphasis on reforms in these institutions so that they can be made effective to deal with the challenges of today and tomorrow.”
India’s central bank, the Reserve Bank of India, is yet to propose regulations to manage the crypto industry within the country’s borders. A bill on crypto regulatory framework that sought to ban all private cryptocurrencies was on the agenda of the winter session of the parliament. However, the bill was not introduced in the parliament and the session was closed soon after.