Indian Prime Minister-Modi Lends Support to Cryptocurrencies

Cryptocurrency Tax in India for Certain Transactions Likely To Be Exempted
  • The Modi administration is considering legislation to regulate their use.
  • The Bill will be presented to the Indian Parliament for consideration.

United States President Joe Biden hosted a two-day virtual “Summit for Democracy” on December 9-10, drawing representatives from over 110 countries. China on Thursday accused the United States of “weaponizing” democracy and criticized the Biden administration’s effort, the Alliance for the Future of the Internet, claiming it is geared at sustaining American cyber hegemony.

Legislation to Regulate Digital Currency

At the Summit for Democracy, India’s Prime Minister Narendra Modi Discussed Crypto. On Thursday, he addressed in a closed-door session after being called to the main Leaders’ Plenary Session chaired by US President Biden.

The Indian Prime Minister Said:

“Today’s Assembly Provides A Timely Platform For Furthering Cooperation Among Democracies. India Would Be Happy To Share Its Expertise In Holding Free And Fair Elections, And In Enhancing Transparency In All Areas Of Governance Through Innovative Digital Solutions. We Must Also Jointly Shape Global Norms For Emerging Technologies Like Social Media And Cryptocurrencies, So That They Are Used To Empower Democracy, Not To Undermine It.”

Policymakers in India have expressed concern that unregulated digital currency transactions might harm the country’s macroeconomic and financial stability. The Modi government is drafting laws to regulate cryptocurrency usage after declaring intentions to outright outlaw it.

Regarding cryptocurrency regulation in India, the government has recently unveiled plans for more stringent digital currency regulation. After receiving approval from the Union Cabinet, the Bill will be presented to the Indian Parliament for consideration.

An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.