Cryptocurrency Should Be Used to Empower Democracy – Regulation Bitcoin News

Indian Prime Minister Modi Tells President Biden's Summit: Cryptocurrency Should Be Used to Empower Democracy

India’s Prime Minister Narendra Modi talked about cryptocurrency at a latest Summit for Democracy hosted by U.S. President Joe Biden. He referred to as for international collaboration on cryptocurrencies “in order that they’re used to empower democracy, not to undermine it.”

Prime Minister Narendra Modi Talks About Crypto at President Joe Biden’s Summit for Democracy

President Joe Biden hosted a two-day digital “Summit for Democracy” on Dec. 9-10. The convention “introduced collectively leaders from authorities, civil society, and the non-public sector in our shared effort to set forth an affirmative agenda for democratic renewal and to sort out the best threats confronted by democracies right this moment by means of collective motion,” the U.S. Department of State described.

Indian Prime Minister Narendra Modi mentioned on the summit Friday that rising applied sciences, equivalent to cryptocurrencies, needs to be used to empower democracy. He burdened:

We should … collectively form international norms for rising applied sciences like social media and cryptocurrencies in order that they’re used to empower democracy, not to undermine it.

The Indian authorities is presently engaged on cryptocurrency laws. A crypto invoice has been listed for consideration in Lok Sabha, the decrease home of India’s parliament. Reports counsel that the federal government is planning to regulate crypto belongings however ban the usage of cryptocurrency for funds. A deadline can even be set for traders to declare their crypto holdings.

Prime Minister Modi will reportedly take a closing determination on how cryptocurrency will likely be regulated in India. A high-level assembly was held Thursday to contemplate all choices together with “an entire ban on non-public cryptocurrencies, a partial ban, permitting all classes of crypto merchandise with regulation, or only a choose few with regulation.”

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