'A global effort needed': What PM Modi said on cryptocurrencies at WEF summit

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Prime Minister Narendra Modi on Monday said that a collective global effort is needed to deal with the problems posed by cryptocurrencies. He was addressing the World Economic Forum's virtual Davos Agenda conference.

"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," Modi said.

The government was to bring a cryptocurrency law to regulate the space in Winter Session of Parliament, but that didn't happen for various reasons. Earlier, the RBI has also voiced "serious concerns" around digital currencies saying that they may impact financial stability.

There are an estimated 15 million to 20 million cryptocurrency investors in India, with total crypto holdings of around ₹40,000 crore ($5.39 billion) according to industry estimates.

Asserting that India is making its policies today while focussing on requirements for not just the present but also for the next 25 years, PM Modi said this period of growth would be 'green and clean' as well as 'sustainable and reliable'.

Modi said India has set goals of high growth as well as saturation of welfare and wellness for the next 25 years.

He also said India is fighting another Covid-19 wave with full alertness and caution while also maintaining economic growth.

Modi said India is focused on reforms in the right direction and the global economic experts have praised India's decisions.

"We will fulfil all the expectations that the entire world has from us," he said.

The Prime Minister also emphasised that India is sending record software engineers to the world. "More than 50 lakh software developers are working in India."

Emphasising that India has the third-largest