{"id":56116,"date":"2022-01-18T15:00:58","date_gmt":"2022-01-18T13:00:58","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=56116"},"modified":"2025-09-04T04:52:40","modified_gmt":"2025-09-04T01:52:40","slug":"indian-prime-minister-calls-for-a-unified-approach-to-cryptocurrency-regulation","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/indian-prime-minister-calls-for-a-unified-approach-to-cryptocurrency-regulation\/","title":{"rendered":"Indian prime minister calls for a unified approach to cryptocurrency regulation"},"content":{"rendered":"<p>Countries should develop a unified approach to creating a regulatory framework for the cryptocurrency industry. Indian Prime Minister Narendra Modi said this at the World Economic Forum in Davos.<\/p>\n<p>According to him, due to the technology underlying digital assets, no single country can lead the fast-growing sector.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Whatever the technology involved, measures taken by one country will be insufficient to solve the tasks it faces. We must share a similar mindset,&#8221; Modi said.<\/p>\n<\/blockquote>\n<p>The prime minister added that countries must also work together to address inflation, environmental and supply-chain problems.<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"PM Modi's remarks at World Economic Forum, Davos 2022\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/afDaOdTaFzY?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<p>In India itself, a final version of cryptocurrency regulation has not yet been decided. According to <a href=\"https:\/\/economictimes.indiatimes.com\/news\/economy\/policy\/crypto-bill-likely-to-miss-budget-session-as-govt-seeks-time-to-build-consensus\/articleshow\/88962285.cms\"> The Economic Times<\/a>, the bill is unlikely to be brought before the upcoming parliamentary session.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;This is a complex topic. It will require more time,&#8221; a senior finance ministry official told the publication.<\/p>\n<\/blockquote>\n<p>According to him, the government wants to await comments from the Reserve Bank of India after the pilot launch of <span data-descr=\"central bank digital currency\" class=\"old_tooltip\">CBDC<\/span>. Another reason for the delay, sources said, is the lack of clarity around the taxation system for digital assets \u2014 its full variant is still in development.<\/p>\n<p>In early 2021, India reported a possible legislative ban on cryptocurrency, with talk even turning to <a href=\"https:\/\/u1f987.com\/en\/news\/media-indian-authorities-propose-prison-terms-for-bitcoin-holders\">criminal liability<\/a> for owners.<\/p>\n<p>In mid-year, reports emerged that authorities <a href=\"https:\/\/u1f987.com\/en\/news\/media-bitcoin-to-be-classified-as-an-asset-class-in-india\">would legalise digital currencies<\/a> as a class of assets.<\/p>\n<p>However in November there was renewed talk of the government&#8217;s intention to <a href=\"https:\/\/u1f987.com\/en\/news\/india-to-introduce-bill-to-ban-most-private-cryptocurrencies\">ban most &#8216;private currencies&#8217;<\/a>. This sparked panic in the local market, which led to a short-term local <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-in-india-trades-about-15-below-global-levels\">15% drop in the Bitcoin price<\/a>.<\/p>\n<p>In December, media reported that authorities would indeed <a href=\"https:\/\/u1f987.com\/en\/news\/media-india-to-regulate-cryptocurrencies-rather-than-ban-them\">regulate digital assets<\/a> instead of banning them.<\/p>\n<p>Subscribe to ForkLog&#8217;s channel on <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener\"> YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Countries should develop a unified approach to creating a regulatory framework for the cryptocurrency industry. Indian Prime Minister Narendra Modi said this at the World Economic Forum in Davos.<\/p>\n","protected":false},"author":1,"featured_media":56117,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[278,36],"class_list":["post-56116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-india","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/56116","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=56116"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/56116\/revisions"}],"predecessor-version":[{"id":56118,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/56116\/revisions\/56118"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/56117"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=56116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=56116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=56116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}