- Modi said it is impossible for just one government to make judgments.
- Indian PM spoke at Switzerland’s World Economic Forum Davos conference.
Narendra Modi, Indian Prime Minister, urged global action on cryptocurrencies, drawing comparisons to inflation and climate change. The Indian Prime Minister spoke at the World Economic Forum Davos conference in Switzerland.
Modi said:
“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.”
He also stated that it is impossible for a single government to make judgments to solve the issues presented by the digital currency.
Last year, the “Cryptocurrency and Regulation of Official Digital Currency Bill” proposed by him, imposed an outright ban on crypto. It was previously stated that cryptocurrency could not be used as currency or to make payments, but the law appears to have changed so that it may be utilized as an asset but not as currency.
It is estimated that more than 3 billion people will not be unable to use cryptocurrencies if this law passes in China and India, the two most populous nations. Modi questioned whether multilateral organizations were capable of dealing with cryptocurrencies at Davos.
Crypto Legislation by January 20 in Pakistan
A ban on all cryptocurrency transactions in Pakistan had reportedly been considered by the government and central bank of Pakistan only days before this development.
Currently, the Sindh High Court of Pakistan is examining a lawsuit regarding digital currency, and the State Bank of Pakistan has requested that it outlaw digital currency and penalize crypto exchanges. Due to a lack of legislation, Pakistan’s stance on cryptocurrencies has been fluid.
The court ordered Pakistan’s government to pass crypto legislation by January 20. It was ordered in October 2021 that a committee be appointed under the federal secretary of finance be formed and tasked with drafting a report regarding the legal standing of cryptocurrencies.
