Indian Prime Minister Narendra Modi spoke about Cryptocurrency made an appearance at a global online summit for world leaders in a speech.
During the Summit for Democracy hosted by U.S. President Joe Biden, Modi said that India would be prepared to offer other countries “innovative digital solutions” to facilitate free and fair elections and governance. The Prime Minister called for a global standard on cryptocurrencies and major social media platforms, likely referring to the impact some have had on politics in India as well as many other countries:
As the Prime Minister of India, Modi represented roughly 1.4 billion people at the summit, which is the largest democracy in the world by a large margin. His comments came as the Indian government was preparing to consider a bill that could ban certain cryptocurrencies, but also encourage the creation of a digital rupee.
Different reports have suggested that the legislation is aimed at regulating crypto rather than banning it. The same bill has previously appeared on the Indian parliament’s agenda but has not yet led to a vote.
