Prime Minister Narendra Modi urged other countries to come up with a uniform approach to regulating cryptocurrencies while speaking via videoconference at the World Economic Forum's Davos Agenda event earlier this Monday.
Due to the nature of the technology that underpins cryptocurrencies, he believes that a single country will not be able to reign in the fast-growing industry:
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 also stressed that a global coordinated effort is needed in order to successfully deal with such challenges as climate change, inflation and supply chain disruption.RelatedJPMorgan's Exec Says Crypto Is in Napster Agewas hacked
reiterated his concerns