Crypto made an unexpected appearance at a global online summit for the world leaders in a speech from Narendra Modi, Indian Prime Minister.
At the December 10’s events for the Summit for Democracy hosted by the United States President Joe Biden, Modi stated that India would be willing to offer the other nations “innovative digital solutions” to help in supporting free and fair elections and governance.
Furthermore, the Prime Minister called for a global standard on cryptos and major social media platforms, maybe referring to the effect that some of them have had on politics in India and many other nations:
“We must also jointly shape global norms for emerging technologies like social media and cryptocurrencies so that they are used to empower democracy, not to undermine it […] By working together, democracies can meet the aspirations of our citizens.”
Being the Prime Minister of Indian subcontinent, Modi represented nearly 1.4 billion people at that summit, the biggest democracy in the whole world by a huge margin. His remarks came as the Indian government is preparing to consider a bill that may ban various cryptos and encourage the creation of a digital rupee.
Buy Crypto NowIndia To Regulate Crypto Instead Of Banning It
Various reports indicate that the legislation targets the regulation of crypto instead of banning it entirely. That bill has previously featured on the Indian parliament’s agenda. However, it has not yet led to a vote. The Reserve Bank of India also had issued a blanket ban on crypto on the books until March 2020, when the nation’s Supreme Court overturned that ban.
Despite a lack of regulatory clarity in India, Narendra Modi has urged other nations to work together on cryptocurrency and blockchain. He also encouraged others to consider ethics when using the nascent technology. The next general election in India will happen in 2024 when the citizens are scheduled to choose new leaders and members for the nation’s lower house of parliament.
On November 17, the Prime Minister said in a tweet:
“It is important that all democratic nations work together on [crypto] and ensure it does not end up in wrong hands, which can spoil our youth.”
