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Nations need synchronised action to tackle crypto challenge: PM Modi at WEF’s Davos Conference

In the past, the Prime Minister has similarly appealed for global efforts on preventing the misuse of cryptocurrencies.

Prime Minister Narendra Modi called for all nations to cooperate on the issue of crypto assets as every global agency will need synchronised action to tackle them. He was speaking at the 2022 World Economic Forum's annual Davos conference that was held virtually this year. Referring to cryptocurrency as a challenge on par with supply-chain disruptions, inflation, and climate change, PM Modi said that the kind of technology associated with cryptocurrency renders decisions taken by a single nation as inadequate. “We will need to maintain a shared thinking to deal with the challenges posed by cryptocurrency,” he declared. The Prime Minister's remarks are indicative of the focus of the Indian government while it continues to prepare the draft of the widely-anticipated cryptocurrency bill. ‘Cryptocurrencies should not end up in wrong hands’ PM Modi had earlier called for the international order to work towards ensuring that cryptocurrencies do not end up in the wrong hands, at The Sydney Dialogue last year, The Hindu reported. “It is important that all democratic nations work on this and ensure that it does not end up in the wrong hands, which can spoil our youth,” PM Modi said in his virtual address. The Sydney Dialogue is an annual summit of cyber and critical technologies to discuss the impact of the digital domain on the law and order situation in the world, the report added. PM Modi’s run-in with hackers PM Modi is no stranger to wrong hands as his personal Twitter handle (@narendramodi) was “briefly compromised” on…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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