Crypto was reportedly mentioned in the speech delivered by Indian Prime Minister Narendra Modi, during a global online summit for world leaders. 

Specifically, at the events for the Summit for Democracy hosted by U.S. President Joe Biden, Modi reportedly revealed that India will adopt a positive attitude towards providing “innovative digital solutions” for other nations, to support free and fair elections and governance.

Furthermore, the Prime Minister reportedly urged for the establishment of an international standard on crypto coins and high-profile social media platforms, which could be mentioning the effect a few have imposed on politics in India, together with numerous different nations. 

“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.”

Sitting in the chair as the Prime Minister of India, Modi is reportedly the representative of around 1.4 billion people at the summit – the most major democracy across the globe by a large margin. 

The comments he made reportedly came at the heels of the Indian authority is in the preparation work to discuss the introduction of a bill barring particular crypto coins, but also encourage the creation of a digital rupee. 

Other reports further claimed that the regulation reportedly has a primary goal of bringing regulation to crypto, instead of prohibition. A similar bill has made its appearance on the Indian parliament’s agenda but has not yet led to a vote. 

Regardless of the regulatory clarity insufficiency in the nation, Modi has reportedly urged other nations to join hands in crypto and blockchain, along with calling for others to take into consideration the ethics when using the tech.