India invites democratic countries for collaboration on crypto

India is taking progressive steps on cryptocurrencies when the government considers digital currencies under an asset class. The country’s Prime minister Narendra Modi has finally started talking about crypto after a series of meetings, industry meetings, and mounting banking problems.

The PM urged all the democratic countries to collaborate and work together to get the best out of blockchain technology and cryptocurrencies. He further stated that the countries should invest in research and futuristic technologies for the betterment of the citizens.

At the Sydney Dialogue, he added that strengthening the cooperation on cyber security and intelligence is equally crucial for a better outcome.

He also took the matter to Twitter through PMO India handle and warned the countries to take action before crypto ends up in the “wrong hands.” It seems that with “wrong hands,” like other countries, Modi is signaling concerns about Money laundering, terrorist funding, and tax evasion. He further added that these notorious elements could spoil our youth if not taken care of. Notably, India has the largest number of youngsters in the entire world.

Modi, on Monday during a high-level meeting, spoke about the concerns that the crypto arises like money laundering and terrorist financing. The meeting showed a forward-looking and progressive nature of the country, but conclusions strictly included the need for strong regulatory measures.

India’s quick actions

As TheCoinRise reported, the official indicated recently that they are going to meet with India’s Crypto enthusiasts and participants to talk about the industry and its potential. 

The government is aiming for a robust regulatory infrastructure for the fast-growing industry while talking to the Reserve Bank of India along with the Finance Ministry and Home Ministry of the country. 

Despite huge participation of crypto enthusiasts from the country, India is still divided over the requirement of a comprehensive regulatory structure. As per the local news sites, the government is aiming to present a BItcoin bill before the Indian legislature during the next session. The bill is in the last stages of drafting.