Indian PM Narendra Modi Urged Global Action on Crypto

Indian PM Narendra Modi Urged Global Action on Crypto

  • Modi said it is impossible for just one government to make judgments.
  • Indian PM spoke at Switzerland’s World Economic Forum Davos conference.

Indian Prime Minister Narendra Modi has urged global action on cryptocurrencies, drawing comparisons to inflation and climate change. Indian Prime Minister Narendra Modi spoke at Switzerland’s World Economic Forum Davos conference.

Modi said:

“Cryptocurrency is an example of the kind of challenges we are facing as a global family with a changing global order. To fight this, every nation, every global agency needs to have collective and synchronized action.”

Modi said it is impossible for just one government to make judgments to solve the issues presented by the digital currency. Last year, the “Cryptocurrency and Regulation of Official Digital Currency Bill” proposed by Indian Prime Minister Narendra Modi imposed an outright ban on crypto. Though it was previously stated that cryptocurrency could not be used as money or to make payments, the law has apparently changed such that it may be utilized as an asset but not as currency.

More than 3 billion people would be unable to use cryptocurrencies if this law is passed in China and India, the world’s two most populous nations. At Davos, Modi questioned whether multilateral organizations were up to the task of dealing with cryptocurrency.

Crypto Legislation By Jan 20 in Pakistan

A ban on all cryptocurrency transactions in Pakistan was reportedly considered by the government and central bank of Pakistan only days before this development.

Currently, Pakistan’s Sindh High Court is examining a lawsuit regarding digital currency, and the State Bank of Pakistan has requested the court to outlaw digital currency and penalize crypto exchanges. Due to a lack of legislation governing digital currency, Pakistan’s position on cryptocurrency has been fluid.

The court ordered Pakistan’s government to come out with crypto legislation by January 20. It was ordered in October 2021 that a committee under the federal secretary of finance be formed and tasked with drafting a report on the legal standing of cryptocurrencies.

The post has appeared first on thenewscrypto.com

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