India’s Prime Minister Narendra Modi talked about
cryptocurrency at a recent Summit for Democracy hosted by U.S. President
Joe Biden. He called for global collaboration on cryptocurrencies “so
that they are used to empower democracy, not to undermine it.”
Prime Minister Narendra Modi Talks About Crypto at President Joe Biden’s Summit for Democracy
President Joe Biden hosted a two-day virtual “Summit for Democracy”
on Dec. 9-10. The conference “brought together leaders from government,
civil society, and the private sector in our shared effort to set forth
an affirmative agenda for democratic renewal and to tackle the greatest
threats faced by democracies today through collective action,” the U.S.
Department of State described.
Indian Prime Minister Narendra Modi said at the summit Friday that
emerging technologies, such as cryptocurrencies, should be used to
empower democracy. He stressed:
We must … jointly shape global norms for emerging
technologies like social media and cryptocurrencies so that they are
used to empower democracy, not to undermine it.
The Indian government is currently working on cryptocurrency legislation. A crypto bill has been listed for consideration in Lok Sabha, the lower house of India’s parliament. Reports suggest that the government is planning to regulate crypto assets but ban the use of cryptocurrency for payments. A deadline will also be set for investors to declare their crypto holdings.
Prime Minister Modi will reportedly take a final decision
on how cryptocurrency will be regulated in India. A high-level meeting
was held Thursday to consider all options including “a complete ban on
private cryptocurrencies, a partial ban, allowing all categories of
crypto products with regulation, or just a select few with regulation.”
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