Indian Prime Minister urges global efforts to tackle cryptocurrency challenges

Indian Prime Minister Narendra Modi said Monday that a collective global effort is needed to deal with the problems posed by cryptocurrencies.
“The kind of technology associated with it, and the decision made by one country will not be enough to deal with its challenges, we must have a similar mindset,” Modi added at the virtual “Davos Agenda” conference of the World Economic Forum.
India is studying regulations related to virtual currencies, which were widely expected to be introduced in the winter session of Parliament in December before being suspended, according to “Reuters”.
New Delhi previously announced that it plans to ban most cryptocurrencies, in a move that will follow recent measures taken by China which has also intensified its crackdown on cryptocurrencies.
India’s central bank previously expressed “serious concerns” about digital currencies, saying they could affect financial stability.
There are an estimated 15 million to 20 million cryptocurrency investors in India, with total holdings of 400 billion rupees ($5.39 billion) according to industry estimates.