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23 JAN,2022 | MEDC
With the kind of technology involved in it, nothing less than a global regulation of cryptocurrencies will deliver results. This was an observation made by Prime Minister Modi when speaking at the virtual summit of the World Economic Forum. Covid proved that some of the key challenges societies face today are of a global magnitude, and that many of their solutions call for cross-border procedural standardization. Cryptocurrencies are a double-edged sword. If used well they could transform the global financial system, but without collective and synchronized regulatory measures in place, they also have the potential to plunge it into chaos. Concerted global action is necessary to manage today's borderless technology (like blockchain), and no country has an intellectual monopoly on the underlying knowhow. With constantly evolving technology, it is necessary for cryptocurrency regulation to become a truly globally standardized endeavour.
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