10:35 19th Jan, 2022
India PM calls for collaborative global action on Cryptos | TechTree.com
India PM calls for collaborative global action on Cryptos
PM Modi is asking world leaders to team up to face the challenges brought on by cryptocurrencies.
PM Modi has questioned if multilateral organizations were “prepared to deal with the new world order and new challenges”.
Prime Minister Narendra Modi spoke at World Economic Forum’s Davos Agenda and called for a “collective global effort against cryptocurrencies.”
“The kind of technology it is associated with, the decision taken by a single country will be insufficient to deal with its challenges. We have to have a similar mindset,” PM Modi said during his address.
PM Modi also said that only a collective global action could combat the ever increasing number of challenges posed by crytos.
Citing examples, Modi said, “These are examples of supply chain disruptions, inflation and Climate Change. Another example is cryptocurrency. In the kind of technology it is associated with, the decisions taken by one country will be inadequate to meet its challenges. We have to have a common thinking.”
“Seeing the global situation today, the question is also if the multilateral organizations are prepared to deal with the new world order and new challenges. When these organisations were formed, the situation was different, today the situation is different. Therefore, it is the responsibility of every democratic country to give emphasis on reforms in these institutions so that they can be made effective to deal with the challenges of today and tomorrow,” the Prime Minister said.
PM also spoke about India’s growth path, highlighting that there were only a few hundred startups registered in 2014, but that number crossed 60,000 in 2022.
“It also has more than 80 unicorns, out of which more than 40 are made in 2021. Today, India has the third highest number of Unicorns in the world. More than 10,000 start-ups have registered in the last 6 months.” – PM Modi
PM Modi also said that India has the world’s biggest and most successful digital payment platform. “Today, India has the world’s largest, secure and successful digital payments platform. Coming to last month alone, India has processed 4.4 billion transactions through Unified Payments Interface.”
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