In a speech before the UK Parliament, Indian Prime Minister Narendra Modi urged democratic countries to collaborate on cryptocurrencies. In his address, he also called for greater cooperation with India’s neighbours in economic and financial matters.
Prime Minister of India, Narendra Modi has urged democratic countries to collaborate on cryptocurrencies. He believes that cryptocurrencies will be a powerful tool in the future. Read more in detail here: is cryptocurrency legal.
India looks to be adopting a pro-Bitcoin position (BTC). Especially when the government is striving to come to a consensus on the classification and legality of this new asset class.
The country’s prime leader has been more outspoken about cryptocurrencies amid a spate of cabinet meetings, industry debriefings, and escalating financial difficulties.
Prime Minister Narendra Modi urged on democratic countries to collaborate to get the most out of cryptocurrencies and blockchain technologies at the Sydney Dialogue. They should not be utilized for immoral ends, he said.
Take, for example, bitcoin or crypto-currency.
It is critical that all democratic countries collaborate on this and guarantee that it does not fall into the wrong hands, endangering our youth: @narendramodi is the Prime Minister of India.
November 18, 2021 — PMO India (@PMOIndia)
At a high-level meeting on Monday, Prime Minister Modi discussed cryptocurrencies in the context of money laundering and terror funding. The general attitude of the conference indicated that tough regulatory measures, although of a forward-thinking and progressive kind, were on the way.
The Indian government has made measures in the past to build a strong regulatory framework for the fast-growing industry. It has held a number of high-level meetings, including one with the Reserve Bank of India (RBI), the Finance Ministry, and the Home Ministry, as well as crypto-experts and key industry players from India and outside.
Despite several government officials’ objective views, RBI Governor Shaktikanta Das remains skeptical. The CEO said on Tuesday that permitting crypto trading might undermine any financial system since it is not regulated by central banks.
Paytm, India’s largest payment company, is allegedly considering Bitcoin services.
Despite the growing popularity of cryptocurrencies in India, policymakers are split on whether a complete regulatory structure is necessary. During the upcoming session of the Indian legislature, a Bitcoin law is anticipated to be introduced. Many individuals are expecting that this would provide some peace and clarity to investors and organizations.
India aims to reduce the Goods and Services Tax (GST) on cryptocurrency exchanges from 18 percent to 1% by regulatory reclassification, according to Cointelegraph. Peru’s central bank president recently indicated that his country would collaborate with India and two other countries to develop its own central bank digital currency, despite the fact that crypto legislation in India is still ambiguous.
Related Tags
- is crypto the future
- future of cryptocurrency 2021
- bitcoin regulation