India calls for global cooperation in the crypto sphere

The country’s government is trying to strengthen its position in the field of digital assets regulation

18.01.2022 - 09:45

374

1 min

What’s new? Indian Prime Minister Narendra Modi spoke at a conference in Davos, where he urged other states to cooperate in controlling cryptocurrencies. This decision is made by the authorities because of the Central Bank’s opposition, which opposes the recognition of digital assets.

Recording of the Davos conference

What did Modi say at the conference? The Prime Minister of India believes that the states need to develop a unified system to monitor and share data on the movement of the funds in cryptocurrencies. This will help fight money laundering and terrorist financing more effectively. Modi added:

“Cryptocurrency is an example of the kind of challenges we are facing as a global family with a changing global order. To fight this, every nation, every global agency needs to have collective and synchronized action.”

At the moment, India is drafting rules to regulate the crypto market, but the country's Central Bank opposes the government by not wanting to accept digital assets.

Author: