India’s PM Modi calls for global cooperation against crypto

Indian Prime Minister Narendra Modi has called for global teamwork and a common approach towards cryptocurrencies on January 17.

India’s PM Modi calls for global cooperation against crypto
PM Modi | Image: Optimisus

During the ‘State of the World’ session at the World Economic Forum’s virtual Davos Agenda, PM Modi stressed that the challenges would likely continue if countries take a single approach towards regulating digital assets.

In the video, Modi said,

“Today, with the change in the global order, the challenges we have been facing as a global family are also increasing. With the type of technology related to cryptocurrency, actions taken by any one country will not be sufficient to deal with the challenges posed by it. All the countries will need to have the same approach to it.”

In addition, he referred to the cryptocurrency challenges to inflation, supply-chain disruptions, and climate change.

Note that the Davos Agenda unite world leaders to debate different global economic challenges. Not to mention that the event aims to launch various initiatives aimed at accelerating cyber resilience, net-zero emissions, among others.

Modi’s opinions come as India intends to set a digital currency regulatory framework and the increased interest in cryptocurrencies, with India emerging as a critical market.

Modi’s against cryptocurrency investments

In addition to this, Modi has emphasized that cryptocurrencies also pose a challenge to investors, warning that Bitcoin is a threat to younger generations calling for close supervision.

This came as young Indian’s continued to invest in digital assets like Bitcoin, Polygon (MATIC), Shiba Inu, Doge Elon Mars, and others.