• India’s Prime Minister called for global collaboration on cryptocurrency.
• Modi stated all countries should use the same approach when it comes to cryptocurrency.
• Indian officials are currently working towards a regulatory framework for crypto.

India’s Prime Minister Narendra Modi has called every country for global collaboration and a common approach towards managing emerging challenges posed by cryptocurrencies.

On Monday, during the “State of the World” session at the World Economic Forum’s virtual Davos Agenda, Modi mentioned that the challenges would likely continue if countries take a single approach towards managing cryptocurrencies. According to the Prime Minister:

The challenges that we face as global families today are increasing due to the changes in the world order. Because of the nature and technology involved in cryptocurrency, any country cannot take the necessary actions to address the problems it presents. Each country will have to take the same approach.

The Davos Agenda brings together world leaders to address several economic issues. The Davos Agenda will serve to create several initiatives for accelerating net zero emissions and cyber resilience.

Modi also called upon countries for cooperation in cryptocurrency. Modi spoke out last year during the U.S. Presidential Summit on Cryptocurrency.

Meanwhile, the government is now reworking the bill — “The Cryptocurrency and Regulatory of Official Digital Currency.”

In terms of crypto regulation in India, Modi will take the final decision on India’s cryptocurrency regulation.

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