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 recent Summit for Democracy hosted by U.S. President Joe Biden. He called for global collaboration on cryptocurrencies “so that they are used to empower democracy, not to undermine it.”

President Joe Biden hosted a two-day virtual “Summit for Democracy” on Dec. 9-10. The conference “brought together leaders from government, civil society, and the private sector in our shared effort to set forth an affirmative agenda for democratic renewal and to tackle the greatest threats faced by democracies today through collective action,” the U.S. Department of State described.

Indian Prime Minister Narendra Modi said at the summit Friday that emerging technologies, such as cryptocurrencies, should be used to empower democracy. He stressed:

We must … jointly shape global norms for emerging technologies like social media and cryptocurrencies so that they are used to empower democracy, not to undermine it.

The Indian government is currently working on cryptocurrency legislation. A crypto bill has been listed for consideration in Lok Sabha, the lower house of India’s parliament. Reports suggest that the government is planning to regulate crypto assets but ban the use of cryptocurrency for payments. A deadline will also be set for investors to declare their crypto holdings.

Prime Minister Modi will reportedly take a final decision on how cryptocurrency will be regulated in India. A high-level meeting was held Thursday to consider all options including “a complete ban on private cryptocurrencies, a partial ban, allowing all categories of crypto products with regulation, or just a select few with regulation.”

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