Prime Minister of India calls for cryptocurrencies to 'strengthen' democracy at world summit

The cryptocurrency made an appearance at an online global summit for world leaders in a speech by Indian Prime Minister Narendra Modi. D...


The cryptocurrency made an appearance at an online global summit for world leaders in a speech by Indian Prime Minister Narendra Modi.

During Friday’s events for the Democracy Summit hosted by US President Joe Biden, Modi noted India would be willing to offer “innovative digital solutions” to other countries to facilitate free and fair elections and governance. Additionally, the PM called for a global standard on cryptocurrencies and major social media platforms, possibly referring to the impact some have had on politics in India as well as many other countries:

“We also need to jointly shape global standards for emerging technologies such as social media and cryptocurrencies so that they are used to strengthen democracy, not undermine it. […] By working together, democracies can meet the aspirations of our citizens.

Indian Prime Minister Narendra Modi speaking at Friday’s Democracy Summit

As Prime Minister of India, Modi represented around 1.4 billion people at the top, the world’s largest democracy by far. His remarks came as the Indian government getting ready to consider a bill which could ban certain cryptocurrencies, but also encourage the creation of a digital rupee.

Various reports have suggested that the legislation is aimed at regulating crypto rather than ban it. The same bill has already was on the agenda of the Indian parliament but has not yet given rise to a vote. The Reserve Bank of India also banned crypto on the books until March 2020, when the country’s Supreme Court overturned it.

Related: Lines in the sand: US Congress brings partisan politics to crypto

Despite the lack of regulatory clarity in India, Modi has called the countries to work together on crypto and blockchain and urged others to consider ethics when using technology. India’s next general election is slated to take place in 2024, when citizens will choose new members for the country’s lower house of parliament.

“It is important that all democratic nations work together on [crypto] and ensure that it does not fall into the wrong hands, which can spoil our youth ”, noted the PM in a tweet on November 17th.