Tag: Prime Minister Narendra Modi

India to consider allowing crypto trading for some investors, BFSI News, ET BFSI

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India is considering a proposal to treat cryptocurrencies as a financial asset while safeguarding small investors, according to people familiar with the matter.

The discussions come as authorities race to finalize a bill Prime Minister Narendra Modi’s government wants to present to parliament in the session starting Nov. 29. The legislation may stipulate a minimum amount for investments in digital currencies, while banning their use as legal tender, the people said, asking not to be identified as no final decision has been taken.

Policy makers left themselves some wiggle room when they posted a description of the bill on parliament’s website late Tuesday, by saying the bill seeks to prohibit all private cryptocurrencies except “certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

The uncertainty triggered a sell-off on Wednesday in cryptocurrencies including Shiba Inu and Dogecoin, which were at one point down more than 20 per cent in trading on the WazirX platform, one of India’s leading cryptocurrency exchanges. They were far less affected on trading platforms such as Binance or Kraken.

A spokesman for the finance ministry couldn’t be immediately reached for a comment.

The Reserve Bank of India wants a complete ban on digital currencies as the central bank feels it could affect the nation’s macroeconomic and financial stability. While the government is considering taxing gains from cryptocurrency in the next budget, Governor Shaktikanta Das last week said the country needs much deeper discussions on the issue.

The Prime Minister’s Office is actively looking at the issue, and once the contents of the bill are finalized it would be taken to the Cabinet for its approval, the people said.

Earlier this month, Modi held a meeting on cryptocurrencies, after which officials said India wont let unregulated crypto markets become avenues for money laundering and terror financing. Later, in a speech last week, he urged democratic nations to cooperate in regulating private virtual currencies failing which they could land up in the “wrong hands”.



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Democracies need to work together for safe cryptocurrency operations: PM

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Prime Minister Narendra Modi has called for global cooperation in ensuring that cryptocurrencies do not end up in the wrong hands.

The Prime Minister, speaking at the Sydney Dialogue on Thursday, also outlined five digital transitions taking place in India in the areas of public information infrastructure, digital identity, broadband connections, clean energy and telecom technology.

“It is important that all democratic nations work together on this (cryptocurrencies including bitcoins) and ensure it does not end up in wrong hands, which can spoil our youth,” Modi said. In India, we have created a robust framework of data protection, privacy and security, he added.

Also read: Crypto investments gaining currency

“India’s IT talent helped to create the global digital economy. It helped cope with the Y2K problem. It has contributed to the evolution of technologies and services we use in our daily lives,” the Prime Minister said.

Outlining India’s digital capabilities, Modi pointed out that there were five important transitions taking place in India. “One, we are building the world’s most extensive public information infrastructure. Over 1.3 billion Indians have a unique digital identity. We are on our way to connect six hundred thousand villages with broadband,” the Prime Minister said.

India’s industry and services sectors, even agriculture, are undergoing massive digital transformation. “We are also using digital technology for clean energy transition, conservation of resources and protection of biodiversity,” he pointed out.

Also read: RBI may pilot digital currency in Q1 of FY23

The country is also investing in developing indigenous capabilities in telecom technology such as 5G and 6G, Modi said. The Sydney Dialogue is an annual summit of cyber and critical technologies, initiated by the Australian Strategic Policy Institute, to discuss the impact of digital technologies on the world.

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Ensure cryptocurrency does not end in wrong hands: PM to democratic nations

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Prime Minister Narendra Modi on Thursday urged all democratic nations to work together to ensure that cryptocurrency does not end up in the wrong hands, cautioning that it can spoil the youth.

 

In a virtual address at the Sydney Dialogue, he said the digital age is changing everything as it has redefined politics, economies and societies and has raised new questions on sovereignty, governance, ethics, rights and security.

Giving an overview of India’s approach to new technologies, Modi said the country is investing in developing indigenous capabilities in diverse areas including in 5G and 6G for the telecom sector.

Also read: Crypto investments gaining currency

The Prime Minister said India uses data as a source of empowerment of people and that the country has unmatched experience in doing this in a democratic framework with strong guarantees of individual rights.

“It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth,” he said referring to cryptocurrency.

 

Modi said India is building the world’s most extensive public information infrastructure and that over 1.3 billion Indians have a unique digital identity.

“The greatest product of technology today is data. In India, we have created a robust framework of data protection, privacy and security. And, at the same time, we use data as a source of empowerment of people,” he said.

Also read: RBI may pilot digital currency in Q1 of FY23

He said India is on its way to connecting 6,00,000 villages with broadband. Referring to the strategic cooperation between India and Australia, he said it is a force of good for the region and the world.

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