Indian president says crypto and social media used to empower democracy

Indian prime minister Narendra Modi said that digital innovation should be used in favour to power up the democracy.

In November, Narendra Modi- Prime minister of India, wrote on Twitter that all democratic nations needed to work together to prohibit the crypto used by wrong hands.  After the tweet of the prime minister, the majority of the citizens considered that India is going to ban all crypto assets. But now the latest statement of India’s prime minister confirmed that they will regulate it to use in perfect things instead of misuse.

On 10 December, speaking at the Summit for Democracy hosted by U.S. President Joe Biden, Narendra Modi said that to facilitate free fair elections and governance, we need to use innovative digital assets solutions.

With this, the Prime minister also asserted that there is a need of crypto and social media global standardization.

Officially, he said:

“We must also jointly shape global norms for emerging technologies like social media and cryptocurrencies so that they are used to empower democracy, not to undermine it (…) By working together, democracies can meet the aspirations of our citizens.”

This statement of Narendra Modi directly hints toward the crypto adoption and regulation in better matters. Alternatively, we can assume that the Indian prime minister wants to push all the countries toward the adoption of crypto under a better regulatory framework.

Narendra Modi is the most influential person of India, even his value is known as more dominant than the president of India. In the past, the Prime minister always favoured those initiatives, which are inclined toward tech and innovations. 

Right now, the crypto bill of India is still under a private domain. And sources citing this matter claimed that India will legalize all crypto assets but they will ban private crypto assets and encourage blockchain technology adoption.

Read also: Former US official says US SEC agency is not doing good with crypto industry