Prime Minister Narendra Modi called on Friday to work together to develop global norms for emerging technologies such as social media and cryptocurrency so that they can be used to “empower democracy rather than undermine” it.

“We must also work together to shape the global norms of emerging technologies such as social media and cryptocurrency so that they can be used to empower democracy rather than undermine it,” Prime Minister Modi’s virtual speech at the Democracy Summit hosted by U.S. President Joe Biden In said. The government has stated that it plans to propose an amendment bill on cryptocurrency at the ongoing winter parliamentary meeting after the approval of the cabinet, and the income derived from investing in cryptocurrency is taxable.

Finance Minister Nirmala Sitharaman said in a written reply: “A bill on the regulation of cryptocurrencies and official digital currencies has been included in the second part of the announcement of the People’s Court as part of the government’s business. , Is expected to be adopted.” In the House of Representatives on November 30.

The cryptocurrency and regulation of the Official Digital Currency Act of 2021 aims to “create a convenient framework for the creation of an official digital currency issued by the Reserve Bank of India (RBI).” The Cryptocurrency Act also attempts to ban all private cryptocurrencies, while allowing “underlying technologies that promote cryptocurrencies and their uses in certain exceptional circumstances.”

Complete News Source : Hindustan times