India takes more progressive stance on Crypto as Modi urges countries to collaborate
in Crypto News
Indian Prime Minister, Narendra Modi has called for democratic countries around the world to work together to get the most out of cryptocurrencies and blockchain technology.
India Pushes For Crypto Collaboration
In an online address to the Sydney Dialogue, Prime Minister Narendra Modi emphasized the importance of democratic nations working together to get the most out of cryptocurrencies and blockchain technology. In doing so, he also warned against using them for unfair purposes.
He urged countries to collaborate in order to keep cryptocurrency out of the hands of criminals. He said, “Take cryptocurrency or bitcoin for example. It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth.”
Modi stated that the digital age is transforming everything. It has not only reshaped politics, economies, and societies, but it has also raised new questions about sovereignty, governance, ethics, rights, and security.
The Indian Prime Minister's comments on Bitcoin and cryptocurrency may appear to be similar to those of other government leaders in the past, but what distinguishes these remarks is their timing.
According to reports, India is nearing the end of the process of developing new frameworks for cryptocurrency use. According to insiders, the government intends to regulate cryptocurrencies as an asset class and prohibit their use in the payment sector.
The current government has previously taken steps to build a strong regulatory infrastructure for the rapidly expanding sector and has held a number of high-level discussions with organizations including the Reserve Bank of India (RBI).
This week, the Indian Parliament's Standing Committee on Finance met with representatives from the cryptocurrency industry. It was India's first-ever parliamentary debate on the broad subject of crypto finance.
India Hopes For Clear Crypto Regulation
India's central bank has expressed "serious and major" concerns about cryptocurrency. RBI Governor Shaktikanta Das stated that the central bank has already informed the government of its concerns.
According to reports, India intends to reduce the Goods and Services Tax on cryptocurrency exchanges from 18% to 1% through regulatory reclassification.
In addition, Peru's central bank president recently stated that his country will collaborate with India and two other countries to develop its own central bank digital currency, despite the fact that crypto regulation in India is still hazy.
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