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Indian PM Modi Urges Democratic Nations to Cooperate on Making Crypto Safe

India’s Prime Minister Narendra Modi urged cooperation between the world’s democracies to ensure that crypto coins such as Bitcoin and Ethereum do not end up in the wrong hands while pointing out issues concerning cryptocurrencies.

While delivering a speech at a virtual keynote address at the Sydney dialogue, an annual summit that focuses on emerging, critical, and cyber technologies on November 18, Modi praised the opportunities presented by cyber-age technology but issued a note of caution concerning digital currencies.

“Take cryptocurrency or Bitcoin, for example. It is important that all democratic nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youth,” Modi stated.

Although the prime minister did not elaborate on such fears, in the past Indian authorities have raised issues concerning the destabilizing risk that cryptocurrencies pose to national economies and the dangers of such coins being used by terrorist groups and organized crime.

Representatives from major governments such as Japan and Australia are also scheduled to speak at the annual event.

In his speech, Modi said that the world is at a “historic moment of choice” when it is undecided whether emerging technology would be used for “cooperation or conflict, coercion or choice, domination or development, oppression or opportunity,” and that democratic nations should cooperate to find out ways to protect their interests while allowing innovation in the field of blockchain.

India Drafting Crypto Rules

As reported by Blockchain.News, India’s Prime Minister Narendra Modi chaired a meeting on November 13 to discuss India’s approach to crypto-assets.

Indian officials are currently drafting rules that are likely to propose a ban on all transactions and payments in cryptocurrencies.

The government is finalizing a highly-awaited bill that would regulate cryptocurrencies. The bill is likely to ban the use of crypto for setting payments and transactions but allows investing in such coins (letting investors hold crypto assets just like bonds, gold, and stocks).

Modi’s cabinet could receive the draft regulations for review within the next two or three weeks.

What Would the Future of Crypto Be as Liz Truss Becomes Next UK PM

Interesting times are ahead for the United Kingdom as Mary Elizabeth Truss (Liz Truss) is set to take the country’s top administrative position of Prime Minister.

Liz Truss won the election to become the Conservative Party Leader, beating Rishi Sunak, who was also a contender for the post.

With her victory, Liz Truss is set to get hands-on and build on the legacy of Boris Johnson as well as the other recent PMs from the Conservative Party in the past few years. While Liz has her own leadership visions, there has been a general silence on what is in it for the cryptocurrency ecosystem in the UK.

With the next general elections one of her major focuses, other industries are bound to feel a change one way or the other.

Liz Truss and the Crypto Agenda

Compared to what is known about the fellow contender Rishi Sunak who up to this election process was the Chancellor of the Exchequer, many may say Liz has no known agenda for crypto.

Despite this, it will be out of place to say Liz Truss is not friendly to the cryptocurrency ecosystem. She made a very promising tweet about crypto back in 2018, and her statement at the time can be attributed to someone who will welcome innovative crypto regulations.

At the time, she said the United Kingdom should “welcome cryptocurrencies in a way that doesn’t constrain their potential. Liberate free enterprise areas by removing regulations that restrict prosperity.”

There are indications that Kwasi Kwarteng, a British politician serving as Secretary of State for Business, Energy, and Industrial Strategy since 2021, will be tapped to be the next Chancellor of the Exchequer. While little is also known about Kwasi’s disposition to crypto, he is credited for fast-tracking the laws that prevent “dirty money” from being siphoned away by foreign High Networth Individuals (HNIs).

With the UK moving to recognize stablecoins as a viable means of payment, the Royal Mint is positioned to issue its first Non-Fungible Token (NFT) collections, the industry is eagerly awaiting how the milestones will unfold under Liz Truss.

What the UK Prime Minister's Resignation Means for the Crypto Industry

Liz Truss, the Prime Minister of the United Kingdom announced her resignation just 44 days after assuming office on September 6. Representing an event that is not uncommon in modern democracies, the announced departure of Truss has left many wondering what the fate of some key industries will be in the near future.

In her announcement at Downing Street on Thursday, Truss said she will no longer be able to deliver on the mandate for which she had been appointed as the Prime Minister. Over the course of the next week, an election to choose the new leader will be conducted and many things will change in terms of direction for the UK.

The resignation of Liz Truss was fueled by the errors in her so-called mini-budget and tax cuts that were announced by the now-fired Finance Minister Kwasi Kwarteng. The policy riled the markets with the stock market recording unprecedented slumps which also affected the British Pound.

Surprisingly, the market has started showing signs of recovery across the board, as many are now looking forward to the ascension of a more economically versatile Prime Minister, with Truss’s contender, Rishi Sunak among the favorite candidates.

Where is Crypto in all of This?

While it is well understood that Liz Truss does not have anything against the digital currency ecosystem and was set to continue on the positive path set by the Boris Johnson administration, her short reign as Prime Minister had not done much to make a sizable impact in the industry.

Her departure only leaves room for speculation as no one can tell who the next leader is, and whether he or she will be a positive fit to help drive the growth of the ecosystem. The uncertainty in the UK at this time might be a factor in the marginally lower growth the crypto ecosystem has experienced over the past 24 hours.

At the time of writing, Bitcoin (BTC) was changing hands at $19,046.10, down 0.8% while Ethereum (ETH) has dropped by the same percentage to $1,285.22 per data from CoinMarketCap.