India’s Modi Calls for Global Crypto Standard

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Indian Prime Minister Narendra Modi known as for the creation of a worldwide customary for applied sciences, corresponding to social media and crypto.

  • At the Summit for Democracy, Modi stated that rising applied sciences, corresponding to crypto, ought to be used to empower democracies not undermine them.
  • The prime minister’s remarks got here as the federal government is making ready to introduce a crypto invoice within the winter session of the Parliament.
  • The authorities had reportedly submitted a draft invoice seeking to ban all non-public cryptocurrencies. However, the invoice is but to be launched to the Parliament for approval.
  • It was additionally earlier reported that the invoice might introduce more durable measures for crypto, together with strict jail phrases for violators. The Economic Times just lately reported that the invoice might additionally outright ban cryptocurrency transfers between exchanges.

Read extra: Indian Government Submits Bill to Ban Most Cryptocurrencies, Dashing Hopes for Friendlier Measure