Indian prime minister Narendra Modi shared his thoughts once again on the crypto regulation.
India is a grey region for this crypto industry. The majority of the crypto businesses all over the world are looking to expand their networks in India because of the huge opportunities and chances with such a huge population-based country. Recent stances and Internal reports from the Indian government authorities hinted that India is going to bring better regulation on the crypto industry, instead of following a blanket ban like china.
On 17 January, speaking in an online video conference at the World Economic Forum’s Davos Agenda, Indian prime minister, Narendra Modi, shared his stance on this crypto industry and explained how the regulators can bring better regulation by a collaboration of the rules and regulations with each other.
Because of the anonymous nature of the blockchain-based transactions of the users, PM Modi noted that it will not be easy for a single country to regulate this industry. So he urged all the other countries to work jointly.
“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 stated
Besides the challenges of the transactions system in the crypto industry, PM Modi pointed toward the environmental challenges because of the blockchain technology use cases ( for example Bitcoin).
PM Modi Twitter Account hack
Earlier, in the mid of December 2021, the official Twitter account of Narendra Modi faced a hacking attack. Hacker simply promoted some kind of giveaway scam and also tweeted that India adopted Bitcoin as legal Currency.
Around a few days ago, during the hacking incident, Pm Modi tweeted that Democrats nations needed to work together to prohibit the technology from going into the wrong hands and save the youths from this risky thing.
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