To say the least, India has a very disparate policy towards Bitcoin (BTC) and cryptos, largely preferring them to the idea of a central bank digital currency (MNBC), well centralized as desired. But the latest statement from the Indian Prime Minister may finally put some clarity into this opaque and shifting positioning. In a word: regulation!
India calls for international cooperation on cryptos
While at the national level, India is in the midst of a debate on the regulation of Bitcoin and cryptocurrencies, Narendra Modi, the Indian Prime Minister, sees this need for regulation of the cryptosphere far beyond his country.
In an official statement, communicated notably on Twitter, the political leader explains, that in his eyes, it is vital that an international and concerted regulation sees the light of day on the crypto-asset sector:
“Take Bitcoin, for example. It is important that all democratic nations work together on this and ensure that it does not end up in the wrong hands, which could harm our youth.”
Joint work to frame crypto exchanges?
As detailed in a Bitcoin.com publication, the Indian Prime Minister also suggested international collaboration to develop tools to monitor data transfers, which of course implies and concerns cryptocurrency transactions:
“(…) there is a need to deepen intelligence and operational cooperation, and develop common standards for data governance and cross-border data flow.”
So, as one might expect, it’s one more state that definitely doesn’t want to take the risk of letting decentralized cryptocurrencies off the leash. After the era of denigration, governments are moving on to open combat against the CypherPunk spirit behind Bitcoin and its descendants. Will they succeed in breaking the resistance to censorship of the king of cryptos?
Yet, the Indian people, on the other hand, seem to be very fond of cryptocurrencies – perhaps even a little too fond. Indeed, even Shiba Inu (SHIB) is popular in India and was a major focus of the latest Diwali festivities earlier this November.