Indian Prime Minister Narendra Modi (Narendra Modi) urged democracies to work together to ensure that cryptocurrencies, especially Bitcoin, do not fall into the wrong hands. At the same time, the Modi government is developing a regulatory framework for India’s cryptocurrency.

Indian Prime Minister Modi talks about Bitcoin and cryptocurrencies

Indian Prime Minister Narendra Modi spoke about cryptocurrencies, especially Bitcoin, in a virtual keynote speech at the Sydney Dialogue on Wednesday.

He called on all countries to work together to ensure that cryptocurrencies do not fall into the wrong hands. “Take cryptocurrency or Bitcoin as an example. It is important that all democracies work together in this regard and make sure that it does not fall into the wrong hands, which will destroy our youth,” Modi said.

In addition, the Prime Minister urged Australia and India’s Indo-Pacific partners in “and other regions” to jointly invest in future technologies to “deepen intelligence and operational cooperation, and develop common standards for data governance and cross-border data flow.”

Modi explained that the digital age is changing everything. In addition to redefining politics, economy, and society, it also raises new questions about sovereignty, governance, ethics, rights, and security.

According to reports, after he presided over a statement on cryptocurrency and Bitcoin, Comprehensive meeting After consultations with the Central Bank, the Reserve Bank of India (RBI), the Ministry of Finance and the Ministry of Interior, consultations were conducted on this subject.

This week, the Standing Committee on Finance of the Indian Parliament also held Meeting With representatives from the encryption industry. This is the first time that India has held parliamentary discussions on the broad topic of crypto finance involving the industry.

At the same time, the Modi government is developing a regulatory framework for cryptocurrencies. Recent reports indicate that the government is planning to regulate cryptocurrency as an asset, allowing Indians to hold it as an investment. However, the use of cryptocurrency for payments and transactions may be prohibited.

The Bank of India continues to make a “serious and important” voice focus on About cryptocurrency. Shaktikanta Das, Governor of the Reserve Bank of India, stated that the central bank has communicated its concerns to the government.

In addition, Business Standards reported on Wednesday that the government is considering classifying cryptocurrency exchanges as e-commerce platforms and imposing a 1% Goods and Services Tax (GST) on them.

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