Indian PM urges democratic countries to collaborate on cryptocurrencies

Indian PM urges democratic countries to collaborate on cryptocurrencies

India seems to be taking a positive stance on Bitcoin (BTC). This is especially true when you consider that India is trying to find a common position on the legality and categorization of this new asset.

The country’s prime Minister has become more vocal about cryptocurrency amid a series of cabinet meetings, industry briefings, and mounting banking problems.

Prime Minister Narendra Modi, a member of the Sydney Dialogue, called on democratic countries to collaborate to make the most of blockchain technology and cryptocurrencies. He stated that they should be used only for ethical purposes.

Let’s take bitcoin or crypto-currency as an example. All democratic nations must work together to ensure that this does not happen in the wrong hands.
— PMO India (@PMOIndia), November 18, 2021

Monday’s high-level meeting saw PM Modi speak about cryptocurrency in the contexts of money laundering, terror financing and other financial crimes. It was clear that there were strong regulatory measures in place, but they were progressive and forward-looking.

India has taken steps in the past to create a strong regulatory infrastructure for this fast-growing sector. There have been many high-level meetings, including one between the Central Bank (RBI), Finance Ministry and Home Ministry. It also included discussions with crypto-experts from India and other important industry players.

Shaktikanta Das, the RBI Governor, is not convinced despite some ministers offering objective views. The executive reiterated his belief that crypto trading could jeopardize any financial system, despite the fact that they are not supervised by central banks.

Related: Paytm, India’s largest payment company, reportedly accepts Bitcoin services

Despite cryptocurrency’s popularity in India, lawmakers remain divided on the need to establish a comprehensive regulatory system. The Indian legislature will soon receive a Bitcoin bill. Many are hopeful that this will bring clarity and peace to investors and other organizations.

Cointelegraph reported that India intends to reduce the Goods and Services Taxes on cryptocurrency exchanges, from 18% down to 1% by regulatory reclassification. The president of Peru’s central banking system recently said that the country would join hands with India and two other countries to create its own digital currency central bank. This is despite Indian crypto regulation being hazy.

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