Prime Minister Narendra Modi called for synchronised global action to regulate cryptocurrency on Monday, at a time when India is considering introducing legislation to do so. Noting that the issues confronting countries throughout the world are growing, Prime Minister Narendra Modi cited Bitcoin as an example, saying that the technology linked with it will render decisions made by one country insufficient to address challenges.
“India believes it its job to be conscious of certain additional concerns today, at the start of 2022, when we are brainstorming in Davos. With the changing global order, the issues we’ve been confronting as a worldwide family have grown as well. To combat these threats, every country and global agency must take coordinated and coordinated action. Supply chain interruptions, inflation, and climate change are just a few examples. A cryptocurrency is another example “PM Modi mentioned this while digitally speaking at the World Economic Forum’s (WEF) Davos Agenda on Monday.
Modi also urged for multilateral organisations like the International Monetary Fund to be reformed, expressing doubts about their ability to deal with such new difficulties.
“Because of the type of technology it (cryptocurrency) is associated with, a single country’s actions will be insufficient to address its difficulties. We need to think in the same way “he stated.
“In light of the global situation, the question is whether multilateral organisations in the new international order are prepared and capable of dealing with such challenges.” The circumstances were different when these organisations were founded. The situation is different now. That is why all democratic countries must prioritise reform of such institutions to prepare them to confront today’s and tomorrow’s challenges,” he said.
“I am confident that during the negotiations in Davos, there will be a positive debate in this direction,” the Prime Minister stated.
The World Economic Forum’s Davos Agenda will be held from January 17 to 21. Several heads of state are expected to speak during the occasion. Top corporate leaders, international organisations, and civil society representatives will attend the event, which will focus on major concerns facing the globe today and how to address them.