Synchronised global regulation of crypto needed: PM Modi at WEF

Prime Minister Narendra Modi on Monday called for synchronised global action to regulate cryptocurrencies, at a time when India is contemplating bringing a legislation to regulate such virtual currencies.

Speaking at the virtual summit of the World Economic Forum, Modi said that steps taken by one country to regulate cryptocurrencies may not be sufficient, given the kind of technology involved.

“Today with change in global order, the challenges we face are also increasing. To fight these challenges, every country and every international organisation needs to take collective and synchronised action. Supply chain disruption, inflation and climate change are such examples,” Modi said.