Home / Economy / PM Modi calls for global action on crypto at virtual Davos meet

NEW DELHI : Prime Minister Narendra Modi on Monday called for collective and synchronized global action regarding policymaking for blockchain-backed digital currencies.

Speaking at the World Economic Forum’s Davos Agenda 2022 virtual event, the Prime Minister noted that along with the change of the global order, the challenges are also increasing, including supply-chain disruption, inflation, climate change and cryptocurrency.

“The way technology is related to it (cryptocurrency), any decision taken by a particular country will not be adequate to resolve the challenges it poses. We need to keep a uniform thought process on it," he said.

The Prime Minister’s call for a collective effort comes soon after the end of the Parliament’s winter session, where a cryptocurrency bill was listed for tabling but was not.

The prime minister also took the opportunity to talk about the relevance of multilateral organizations in the new world order and the new emerging challenges.

“A question that arises in the current global context is whether the multilateral organizations are capable of tackling the challenges of the new world order. The situation today has changed in comparison to the time when these organizations were established," Modi said.

Calling for reforms, the prime minister said: “It is the responsibility of all democratic countries to emphasize reforms of these organizations so that they are made capable of resolving the challenges of the present and future."

Modi has time and again called for reforming these organizations, including the Security Council of the United Nations.

Reiterating India’s commitments on climate change, he said the country is making policies both for the present and the next 25 years, targeting high growth, welfare and saturation of wellness, along with a focus on green, clean, and sustainable growth.

He stressed the need for making “mission life" a global mass movement and said the movement could be based on three Ps—‘pro planet people’.

The prime minister reiterated India’s target of turning a net-zero carbon emitter by 2070.

Outlining the growth of technology, innovation and business environment in India, the prime minister said that the country currently has more than 60,000 startups and more than 80 unicorns.

Prime minister Modi also spoke of the measures taken by the government to improve the business and investment ecosystem in the country through steps for ease of doing business and lowering the corporate tax rate to make them the “most competitive" in the world.

“During the pandemic when the whole world was stressing on quantitative easing, India was bringing in reforms," he said, referring to the several steps taken in 2020, including raising foreign investment limits in defence and deregulating space and coal sectors.

Rituraj Baruah
Rituraj Baruah is a senior correspondent at Mint, reporting on housing, urban affairs, small businesses and energy. He has reported on diverse sectors over the last six years including, commodities and stocks market, insolvency and real estate. He has previous stints at Cogencis Information Services, Indo-Asian News Service (IANS) and Inc42.
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