India’s Modi Calls for Global Crypto Standard

Indian Prime Minister Narendra Modi called for the creation of a global standard for technologies, such as social media and crypto.

• At the Summit for Democracy, Modi said that emerging technologies, such as crypto, should be used to empower democracies not undermine them.
• The prime minister’s remarks came as the government is preparing to introduce a crypto bill in the winter session of the Parliament.
• The government had reportedly submitted a draft bill looking to ban all private cryptocurrencies. However, the bill is yet to be introduced to the Parliament for approval.
• It was also earlier reported that the bill could introduce tougher measures for crypto, including strict jail terms for violators. The Economic Times recently reported that the bill could also outright ban cryptocurrency transfers between exchanges.

Read more: Indian Government Submits Bill to Ban Most Cryptocurrencies, Dashing Hopes for Friendlier Measure