Indian Prime Minister Narendra Modi has once again shared his views on cryptocurrency regulation.
India is the gray area of this cryptocurrency industry. Most of the world's cryptocurrency businesses are looking to expand their network in India because of the huge opportunities and chances in this populous country. Recent positions and internal reports from Indian government authorities hint that India will regulate the cryptocurrency industry better rather than imposing a blanket ban like China.
On January 17, during an online video conference on the World Economic Forum's Davos agenda, Indian Prime Minister Narendra Modi shared his position on this cryptocurrency industry and explained how regulators can bring better regulation to each other by working with rules and regulations.
Due to the anonymity of users' blockchain-based transactions, PM Modi noted that it is not easy for a single country to regulate the industry. Therefore, he urged all other countries to work together.
“The type of technology it is associated with, the decisions made by one country will not be enough to meet its challenges. We must have a similar mindset,” said Prime Minister Modi
In addition to the challenges of the cryptocurrency industry's trading system, PM Modi also pointed out the environmental challenges posed by blockchain technology use cases, such as Bitcoin.
PM Modi Twitter account hacked
Earlier, in mid-December 2021, Narendra Modi's official Twitter account faced a hacking attack. The hackers simply promoted some sort of giveaway scam and tweeted about India adopting bitcoin as legal tender.
About a few days ago, during the hack, Prime Minister Modi tweeted that the Democratic nation needs to work together to prevent the technology from falling into the wrong hands and to save young people from this dangerous matter.
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