Prime Minister of India calls on cryptocurrency to “enhance” democracy at global summit


In a speech by Indian Prime Minister Narendra Modi (Narendra Modi), cryptocurrencies appeared at the global online summit of world leaders.

At the Democracy Summit hosted by U.S. President Joe Biden on Friday, Modi Say India is willing to provide “innovative digital solutions” to other countries to promote free and fair elections and governance. In addition, the Prime Minister called for the development of global standards for cryptocurrencies and major social media platforms, possibly referring to the influence that certain people have on the politics of India and many other countries:

“We must also work together to develop global norms for emerging technologies such as social media and cryptocurrency so that they can be used to strengthen democracy, not undermine it. […] By working together, democracies can satisfy the wishes of our citizens. “

Indian Prime Minister Narendra Modi speaks at the Democracy Summit on Friday

As Prime Minister of India, Modi represented approximately 1.4 billion people at the summit, which is the world’s largest democracy.His speech was in the Indian government Ready to consider a bill This may ban certain cryptocurrencies, but it will also encourage the creation of digital rupees.

Various reports indicate that the legislation is Designed to regulate encryption Instead of banning it.Before the same bill Appeared on the agenda of the Indian Parliament But it has not yet led to a vote. The Reserve Bank of India also banned the use of cryptocurrencies in the books of accounts until March 2020, when the country’s Supreme Court overturned the ban.

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Despite India’s lack of regulatory clarity, Modi has Call on all countries Research together on encryption and blockchain, and urge others to consider ethical issues when using the technology. India’s next general election is expected to be held in 2024, when citizens will elect new members of the country’s lower house.

“The important thing is that all democracies work together [crypto] And make sure it doesn’t fall into the wrong hands, which will destroy our youth,” Say PM in a tweet on November 17.