Indian Prime Minister Narendra Modi (Narendra Modi) talked about cryptocurrency at a recent democracy summit hosted by US President Joe Biden. He called for global cooperation on cryptocurrencies, “so that they can be used to empower democracy, not undermine it.”

Prime Minister Narendra Modi talks about cryptocurrency at President Joe Biden’s Democracy Summit

President Joe Biden hosted a two-day virtual “Democracy Summit” from December 9th to 10th. The U.S. State Department stated that the meeting “came together leaders from the government, civil society, and the private sector to work together to formulate a positive agenda for democratic rejuvenation, and to respond to the biggest threats to democracy today through collective action”. .

Indian Prime Minister Narendra Modi said at the summit on Friday that emerging technologies such as cryptocurrencies should be used to empower democracy. He emphasized:

We must…jointly develop global norms for emerging technologies such as social media and cryptocurrency so that they can be used to strengthen democracy, not undermine it.

The Indian government is currently enacting cryptocurrency legislation.The cryptocurrency bill has Listed For consideration by Lok Sabha, the lower house of the Indian Parliament.The report shows that the government is planning adjust Crypto assets but Prohibited to use The cryptocurrency used for payment. A deadline will also be set for investors to declare their crypto assets.

According to reports, Prime Minister Modi will take final decision On how to regulate cryptocurrency in India. A high-level meeting was held on Thursday to consider all options, including “total banning of private cryptocurrencies, partial bans, allowing all types of encryption products to be regulated, or just a few to be regulated.”

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