{"id":14469,"date":"2021-11-18T16:54:03","date_gmt":"2021-11-18T16:54:03","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/indias-prime-minister-narendra-modi-urges-countries-to-collaborate-on-bitcoin-cryptocurrency\/"},"modified":"2021-11-18T16:54:03","modified_gmt":"2021-11-18T16:54:03","slug":"indias-prime-minister-narendra-modi-urges-countries-to-collaborate-on-bitcoin-cryptocurrency","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/indias-prime-minister-narendra-modi-urges-countries-to-collaborate-on-bitcoin-cryptocurrency\/","title":{"rendered":"India\u2019s Prime Minister Narendra Modi Urges Countries to Collaborate on Bitcoin, Cryptocurrency"},"content":{"rendered":"

The prime minister of India, Narendra Modi, has urged democratic countries to work together to ensure that cryptocurrency, particularly bitcoin, does not end up in the wrong hands. Meanwhile, the Modi government is working on a regulatory framework for cryptocurrencies in India.<\/strong><\/p>\n

India\u2019s Prime Minister Modi on Bitcoin and Cryptocurrency<\/h2>\n

Indian Prime Minister Narendra Modi talked about cryptocurrency, specifically bitcoin, during his virtual keynote address at the Sydney Dialogue Wednesday.<\/p>\n

He called on countries to work together to ensure that cryptocurrency does not fall into the wrong hands. \u201cTake cryptocurrency or bitcoin for example. It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth,\u201d Modi said.<\/p>\n<\/p>\n

In addition, the prime minister urged Australia and India\u2019s partners in the Indo-Pacific region \u201cand beyond\u201d to invest together in future technologies to \u201cdeepen intelligence and operational cooperation and develop common standards for data governance and cross border flow of data.\u201d<\/p>\n

Modi explained that the digital age is changing everything. Besides redefining politics, economies, and societies, it has raised new questions on sovereignty, governance, ethics, rights, and security.<\/p>\n

The prime minister\u2019s statement on cryptocurrency and bitcoin came after he reportedly chaired a comprehensive meeting<\/a> on the subject following a consultation with the central bank, the Reserve Bank of India (RBI), the Ministry of Finance, and the Home Ministry.<\/p>\n

This week, India\u2019s Parliamentary Standing Committee on Finance also held a meeting <\/a>with representatives from the crypto industry. It was India\u2019s first-ever parliamentary discussion of the broad subject of crypto finance involving the industry.<\/p>\n

Meanwhile, Modi\u2019s government is working on a regulatory framework for cryptocurrencies. Recent reports suggest that the government is planning to regulate crypto as assets, allowing Indians to hold them as investments. However, the use of crypto for payments and transactions will likely be banned.<\/p>\n

India\u2019s central bank has continued to voice \u201cserious and major\u201d concerns<\/a> regarding cryptocurrency. RBI Governor Shaktikanta Das said the central bank has already communicated its concerns to the government.<\/p>\n

Furthermore, Business Standard reported Wednesday that the government is considering classifying cryptocurrency exchanges as e-commerce platforms and levying a 1% goods and services tax (GST) on them.<\/p>\n

What do you think about India\u2019s Prime Minister Modi calling on governments to collaborate on crypto? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, Bitcoin regulation, collaborate bitcoin, collaborate cryptocurrency, Cryptocurrency regulation, cryptocurrency youth, democratic countries, Indian, indian government, Indian Prime Minister, Narendra Modi<\/p>\n","protected":false},"excerpt":{"rendered":"

The prime minister of India, Narendra Modi, has urged democratic countries to work together to ensure that cryptocurrency, particularly bitcoin, does not end up in the wrong hands. Meanwhile, the Modi government is working on a regulatory framework for cryptocurrencies in India. India\u2019s Prime Minister Modi on Bitcoin and Cryptocurrency Indian Prime Minister Narendra Modi…<\/p>\n","protected":false},"author":0,"featured_media":14470,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14469"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14469"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14469\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14470"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}