Digital currencies are one of the hottest topics all around the world and recently made an appearance at the global online summit to bring United States president Joe Biden and many world leaders to come together. During his speech at the event, the Prime minister of India, Narendra Modi said that technologies like cryptocurrencies should be used to empower democracy.
On Friday, Modi said that India is seeking to offer countries “innovative technological solutions” to help in free and fair elections and governance. Additionally, he called for a global standard on crypto and major social media platforms seemingly referring to the effect some have had on the politics of many countries including India.
“We must also come together to shape global norms for emerging technologies like social media and crypto so that they are used to empower democracy, not to undermine it. By working together, democracies can meet the aspirations of our citizens.”
India on the development stage in blockchain technology
At the summit, Modi, being the prime minister of India, represented about 1.4 billion citizens with the world’s largest democracy by a wide margin. His comments come as the Indian government considers the construction of its own CBDC, the digital rupee.
According to several reports, the legislation is geared towards regulating crypto rather than outright prohibiting it. The same bill has already come on the agenda of the Indian parliament but has yet to be voted on. The Reserve Bank of India had a blanket ban on cryptocurrency on the books until March 2020, when it was overturned by the supreme court of the country.
As TheCoinRise reported, the PM, through Twitter, already called all democratic countries to come forward and collaborate to regulate crypto and urged others to consider the ethics while consuming the blockchain technology. He stated:
“It is important that all democratic nations work together on [crypto] and ensure it does not end up in the wrong hands, which can spoil our youth.”