India's Prime Minister Modi calls for global crypto cooperation

India's Prime Minister Modi calls for global crypto cooperation
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Updated 18 January 2022
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India's Prime Minister Modi calls for global crypto cooperation

India's Prime Minister Modi calls for global crypto cooperation

RIYADH: India's Prime Minister Narendra Modi called on governments around the world to cooperate in the field of cryptocurrency, at the World Economic Forum’s virtual Davos Agenda conference on Monday.

Modi pointed out that the type of technology accompanying it and the decisions made by any single country will not be sufficient to deal with its challenges, Bitcoin.com reported.

“The challenges we have been facing are also increasing. To counter these, there is a need for collective and synchronized action by every country, every global agency. These supply chain disruptions, inflation, and climate change are examples of these. Another example is cryptocurrency,” he said.

This is not the first time that Prime Minister Modi has called on countries to cooperate in the field of cryptocurrency.

In December last year, he said at the summit hosted by US President Joe Biden that cryptocurrency should be used to enable democracy.

While in November he urged countries to collaborate on bitcoin and cryptocurrency to ensure that they do not fall into the wrong hands.

Meanwhile, El Salvador's president Nayib Bukele expects two more countries will adopt Bitcoin as legal tender and also predicts that Bitcoin will reach $100,000 this year.

El Salvador made Bitcoin legal tender alongside the dollar in September.

"2022 predictions on Bitcoin: will reach $100k, more countries will adopt it as legal tender, will become a major electoral issue in US elections this year, bitcoin City will commence construction and Volcano bonds will be oversubscribed," Bukele tweeted.