PM Modi | Cryptocurrency
Cryptocurrencies should be used to empower democracy, not undermine it: PM Modi
New Delhi/IBNS: Prime Minister Narendra Modi on Friday said emerging technologies like social media and crypto-currencies should be used to empower democracies.
Speaking at the virtual Summit for Democracy hosted by US President Joe Biden, PM Modi said, "We must also jointly shape global norms for emerging technologies like social media and crypto-currencies, so that they are used to empower democracy, not to undermine it."
He said in this context, today's assembly provides a timely platform for furthering cooperation among democracies.
"India would be happy to share its expertise in holding free and fair elections, and in enhancing transparency in all areas of governance through innovative digital solutions," Modi said.
After initially planning to ban all private cryptocurrencies, the Centre has announced that it will establish a regulatory framework, as part of the new crypto bill that is scheduled to be introduced in the winter session of the Parliament.
However, crypto will not be recognised as currency or legal tender in India.
The legislation's name has replaced the word "cryptocurrency" with "cryptoasset".
The bill seeks to minimise the financial stability risk by suitably ring-fencing the formal financial sector from crypto assets.
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