Prime Minister of India urges democracies to cooperate in the development of cryptocurrencies

India seems to have taken a progressive stance on Bitcoin (Bitcoin). Especially considering that the country is trying to reach a unified view on the classification and legality of this new asset class.

In a series of cabinet meetings, industry reports, and increasingly serious banking problems, the country’s prime minister has become more and more vocal about cryptocurrency.

At the Sydney Dialogue, Prime Minister Narendra Modi Call Let democracies work together to make full use of cryptocurrency and blockchain technology. He also stated that they should not be used for immoral purposes.

On Monday, Prime Minister Modi spoke about cryptocurrencies in the context of money laundering and terrorist financing at a high-level meeting. The overall atmosphere of the meeting indicated that strong regulatory measures are about to be introduced, albeit forward-looking and gradual.

The Indian government has previously taken measures to establish Robust regulatory infrastructure For fast-growing industries. It has conducted many high-level discussions, including discussions between the Central Bank (RBI), the Ministry of Finance and the Ministry of the Interior, as well as discussions between crypto experts and key industry players from both domestic and foreign India.

Although some government ministers have put forward objective views, Shaktikanta Das, Governor of the Reserve Bank of India, still does not believe it.On Tuesday, the executive officer Reiterate His position is that allowing crypto transactions could endanger any financial system because they are not regulated by the central bank.

related: According to reports, India’s largest payment company Paytm is considering using Bitcoin services

Despite the increasing popularity of cryptocurrencies in India, lawmakers still disagree on whether a comprehensive regulatory system is needed. It is expected that the Bitcoin bill will be submitted to the Indian legislature during the next session. Many hope this will provide some calm and clarity to investors and organizations.

According to Cointelegraph, India plans to reduce the Goods and Services Tax (GST) Cryptocurrency exchanges from 18% to 1% Reclassification through supervision.In addition, the Governor of Peru’s Central Bank recently stated that his country will Joining forces with India and two other countries Create your own central bank digital currency, even though India’s encryption regulation remains obscure.