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Prime Minister of India calls on democracies to cooperate in the field of cryptocurrency

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Narendra Modi, prime minister of India urges everyone to work with cryptocurrency more.


India appears to be taking a progressive stance towards Bitcoin (BTC), especially given the fact that the country is trying to get a unified view of the categorization and legality of this new asset class. Amid numerous cabinet meetings, industry interrogations and growing banking issues, the country's prime minister is getting tougher about cryptocurrencies. During the dialogue in Sydney, Prime Minister Narendra Modi called on democracies to work together to get the most out of cryptocurrencies and blockchain technology. He also said that they should not be used for unethical purposes.

On Monday, Modi spoke at a high-level meeting on cryptocurrencies in the context of money laundering and terrorist financing. The general mood around the meeting suggests that strong regulatory measures are on the way, albeit promising and progressive. The Indian government has previously taken steps to build a stable regulatory infrastructure for the fast-growing sector. He has held many high-level meetings, including one with the Reserve Bank of India (RBI), the Treasury and Home Office, as well as with crypto experts and key industry players inside and outside India.

Despite the objective views of several ministers, RBI Governor Shaktikanta Das is still not convinced. On Tuesday, the CEO reiterated his position that allowing cryptocurrency trading could harm any financial system because it is not overseen by a central bank. Despite the growing popularity of cryptocurrencies in India, lawmakers are still divided over the need for a comprehensive regulatory system. The Bitcoin bill is expected to be presented to Indian lawmakers during the next session. Many people hope that this gives investors and organizations some reassurance.

India plans to reduce the tax on goods and services on cryptocurrency exchanges from 18% to 1% through regulatory reclassification. In addition, the president of the Central Bank of Peru recently said his country will join India and two other countries to create their own digital currency at the central bank, although cryptocurrency regulation in India is still sketchy.

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