Menu
BW CFO World
Community for Finance Professionals, Consultants and allied businesses
  • Home
  • News
  • Videos
  • Articles
    • Credit & Capital
    • Economic Trends
    • Financial Compliance
    • Financial Leadership
    • Financial Management
    • Financial Reporting
    • Financial Strategy
    • Risk Management
    • Taxation
  • Featured
  • Nominate for Awards
Close Menu
20211213_091753
December 13, 2021

PM Modi Says Cryptocurrency Should Be Used To Boost Democracy, Not Harm It

Urvi Srivastava Economic Trends cyptocurrency, democracy, Narendra Modi, Prime minister, trading

Crypto Bill that would potentially regulate the trading of cryptocurrencies in India is scheduled to be presented in Parliament after Cabinet approval.

Prime Minister Narendra Modi said on Friday that emerging technologies such as cryptocurrencies should be used to empower democracy, not undermine it.

Policymakers in India say unregulated transactions in digital currencies could hurt macroeconomic and financial stability. After initially planning to ban cryptocurrencies, the Modi government is instead considering legislation to regulate their use.

“We must … jointly shape global norms for emerging technologies like social media and cryptocurrencies so that they are used to empower democracy, not to undermine it,” Modi told a virtual summit hosted by US President Joe Biden.

There are an estimated 15 million to 20 million cryptocurrency investors in India, with total crypto holdings of around Rs. 40,000 crore, according to industry estimates. The government does not provide any official data.

Recently, Duvvuri Subbarao, the former Reserve Bank of India (RBI) governor, expressed his concerns regarding cryptocurrencies. Subbarao said that if legalised, cryptocurrencies can rob the central bank of its control on money supply and inflation management in the country. Subbarao shared his assessment while addressing a webinar organised by the National Stock Exchange (NSE) and New York University (NYU) Stern School of Business this week.

The developments come amid India’s plan of banning all private cryptocurrencies from operating in the country was listed as an agenda to be discussed in the ongoing winter session of the Parliament last month.

The proposed legislation also seeks to make those who infringe the law subject to be arrested without a warrant and being held without bail along with being liable to pay hefty fines.

The bill will be presented before the Indian parliament after it gets approvals from the Union Cabinet.

(Reuters)

Urvi Shrivastav

→ Urvi Shrivastav

Economy likely to grow 9% next fiscal: Credit Suisse There Are Signs Of Revival Of Exports: Centre

Related Posts

start-up

Credit & Capital, Economic Trends

Cash-strapped Pak Secures Deal With IMF To Restore Stalled USD 6 Bn Aid

indian rupee

Credit & Capital, Economic Trends

Investors richer by over Rs 5.77 lakh cr as markets rally

20211208_135038

Credit & Capital, Economic Trends

Mutual Funds Can Resume Investing In International Stocks: Sebi

Movements

  • adobe danDan Durn Appointed As Adobe’s New Chief Financial Officer
  • Vineet Mahajan_Vineet Mahajan Appointed As New CFO Of Avanse Financial Services On Sept 27
  • bharat pet director financeVetsa Ramakrishna Gupta To Lead Bharat Petroleum As Director Finance
  • tender cuts cfoTenderCuts Names Satya Rakesh as New CFO
  • dailmer CFOManish Thakore Helms Daimler India Commercial Vehicles as CFO

Selected Stories

  • start-upCash-strapped Pak Secures Deal With IMF To Restore Stalled USD 6 Bn Aid

    Read more

  • sahil-vaidya-imageOMTV Appoints Sahil Kiran Vaidya As Head Of Business And Strategy

    Read more

  • indian rupeeInvestors richer by over Rs 5.77 lakh cr as markets rally

    Read more

  • 20211208_135038Mutual Funds Can Resume Investing In International Stocks: Sebi

    Read more

  • green energyIndia Needs $223 Bn To Meet 2030 Renewable Capacity Goals: Report

    Read more

Categories

  • Accounting
  • CFO Stance
  • Credit & Capital
  • Economic Trends
  • Featured
  • Financial Compliance
  • Financial Leadership
  • Financial Management
  • Financial Reporting
  • Financial Strategy
  • Financial Technologies
  • Global News
  • Interview
  • Movements
  • Risk Management
  • Taxation

Recent Comments

    Back To Top
    BW CFO World
    • Home
    • News
    • Videos
    • Articles
      • Credit & Capital
      • Economic Trends
      • Financial Compliance
      • Financial Leadership
      • Financial Management
      • Financial Reporting
      • Financial Strategy
      • Risk Management
      • Taxation
    • Featured
    • Nominate for Awards
    © Copyright BW BUSINESSWORLD 2018. All Rights Reserved.