WEF Davos Agenda: PM Modi calls for collective global effort on cryptocurrencies

Prime Minister Narendra Modi speaking at World Economic Forum’s Davos Agenda called for a ‘collective global effort against cryptocurrencies. “The kind of technology it is associated with, the decision taken by a single country will be insufficient to deal with its challenges. We have to have a similar mindset,” PM Modi said during his address.

PM Modi also said that the world was facing an increasing number of challenges and that a collective global action was required to combat them. Citing examples, Modi said, “These are examples of supply chain disruptions, inflation and Climate Change. Another example is cryptocurrency. In the kind of technology it is associated with, the decisions taken by one country will be inadequate to meet its challenges. We have to have a common thinking.”

In addition to talking about cryptocurrencies, PM Modi also questioned if multilateral organisations were “prepared to deal with the new world order and new challenges”.

“Seeing the global situation today, the question is also if the multilateral organizations are prepared to deal with the new world order and new challenges. When these organisations were formed, the situation was different, today the situation is different. Therefore, it is the responsibility of every democratic country to give emphasis on reforms in these institutions so that they can be made effective to deal with the challenges of today and tomorrow,” the Prime Minister said.

Talking about the growth path that the country was on, PM Modi highlighted that while there were a few hundred startups registered in 2014, this number crossed 60,000 in 2022. “It also has more than 80 unicorns, out of which more than 40 are made in 2021,” said , adding, “Today, India has the third highest number of Unicorns in the world. More than 10,000 start-ups have registered in the last 6 months.”

PM Modi also said that the country has the most successful and the biggest digital payments platform in the world. “Today, India has the world’s largest, secure and successful digital payments platform. Coming to last month alone, India has processed 4.4 billion transactions through Unified Payments Interface,” Modi added.

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