WEF Davos agenda: PM Modi calls for collective global effort on cryptocurrencies

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Speaking at the Davos agenda of the World Economic Forum, Prime Minister Narendra Modi called for a ‘collective global effort against cryptocurrency’. “The kind of technology it deals with, a decision taken by any one country will be insufficient to address its challenges. We have to have a similar mindset,” PM Modi said during his address.

PM Modi also said that the world is facing many challenges and there is a need for collective global action to counter them. Citing examples, Modi said, “These are examples of supply chain disruption, inflation and climate change. Another example is cryptocurrency. The kind of technology it deals with, the decisions taken by a country face its challenges.” would be insufficient to do so. We have to have a similar mindset.”

Apart from talking about cryptocurrencies, PM Modi also questioned whether multilateral organizations are “ready to deal with the new world order and new challenges”.

“Given today’s global situation, the question is whether multilateral organizations are prepared to meet the new world order and the new challenges. When these organizations were formed, the situation was different, today the situation is different. Therefore, it is the responsibility of every democratic country to push for reforms in these institutions to make them effective to meet the challenges of today and tomorrow.

Talking about the growth path the country was on, PM Modi highlighted that while a few hundred startups were registered in 2014, the number crossed 60,000 in 2022. “It also has over 80 unicorns, of which over 40 are made. In 2021,” said, “Today, India has the third largest number of unicorns in the world. Over 10,000 start-ups have registered in the last 6 months.”

PM Modi also said that the country has the world’s most successful and largest digital payment platform. “Today, India has the largest, secure and successful digital payments platform in the world. As of last month, India has processed 4.4 billion transactions through the Unified Payments Interface.

WEF Davos Agenda Post: PM Modi calls for a collective global effort on cryptocurrencies BGR India first.

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