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PM Modi Urges Democratic Countries to Collaborate on Cryptocurrencies

Prime Minister Narendra Modi has urged democratic nations to work together on cryptocurrencies. He was speaking on “India’s technology evolution and revolution” during a virtual address at the inaugural Sydney Dialogue.

PM Narendra Modi 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.”

Highlighting areas of cooperation among democracies, Modi said: “To invest together in research and development in future technology; to develop trusted manufacturing base and trusted supply chains; to deepen intelligence and operational cooperation on cyber security, protect critical information infrastructure; to prevent manipulation of public opinions; to develop technical and governance standards and norms consistent with our democratic values; and, to create standards and norms for data governance and for cross-border flow that protect and secure data.”

The PM’s remarks come at a time when the Government is engaged in detailed discussions with experts and industry associations on regulation and taxation of cryptocurrency. On Saturday, the Prime Minister had chaired a meeting in which it was agreed that the steps taken will be “progressive and forward-looking”.

India already has around 1.5 crore registered users and about Rs. 6 Billion of investment. Despite the rise in popularity of cryptocurrencies in India, lawmakers are still divided over the need for a comprehensive regulatory system. A Bitcoin bill is expected to be presented before the Indian legislature during the next session. Many people are hoping that this will provide investors and organizations some peace of mind.

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