Prime Minister Narendra Modi has asked all the countries of the world to work together in tandem to tackle challenges like cryptocurrency. But today he again raised the question of whether international organizations are ready to meet the new challenges in the Covid situation. He called for reform of institutions such as the World Health Organization (WHO), the International Monetary Fund (IMF), and the World Bank.
At a conference of the World Economic Forum today, the Prime Minister argued that with the changing world situation, international challenges are also increasing. In order to deal with it, every country, all the international organizations must work together in unison. Modi cited disruptions in commodity supply, the current high inflation rate, and climate change as examples of these challenges. He also gave the example of cryptocurrency.
The Modi government has not yet finalized the law on cryptocurrency. Thoughts are going on about how many concessions will be given, what kind of control will be there. The government fears financing terrorism through cryptocurrency, financial transactions of drug smuggling. The Prime Minister said today, “The decision of any country in the kind of technology involved in cryptocurrency is not enough to meet this challenge.
Everyone has to agree. “Asked whether international organizations were prepared to meet these challenges, Modi said, “When these organizations were created, the situation was the same. Today the situation is different. So the responsibility of democratic countries is to reform the institutions.”
