<p>Prime Minister Narendra Modi said on Monday that a collective global effort is needed to deal with the problems posed by cryptocurrenices.</p>.<p>"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 said at the World Economic Forum's virtual Davos Agenda conference.</p>.<p>India has been mulling virtual currency-related regulations which were widely expected to be introduced in the Winter Session of the Parliament in December before being shelved.</p>.<p>New Delhi has previously flagged that it plans to ban most cryptocurrencies - a move which would follow recent measures by China that intensified its crackdown on cryptocurrencies.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/economy-business/this-is-the-best-time-to-invest-in-india-pm-modi-at-davos-1072057.html" target="_blank">This is the best time to invest in India: PM at Davos</a></strong></p>.<p>India's central bank has also voiced "serious concerns" around digital currencies saying that they may impact financial stability.</p>.<p>There are an estimated 1.5 to 2 crore cryptocurrency investors in India, with total crypto holdings of around Rs 40,000 crore ($5.39 billion) according to industry estimates.</p>.<p>India is also working on signing free trade agreements with many countries, Modi added.</p>.<p>India recently announced a start to free trade talks with Britain with the intent of signing a deal by the end of this year.</p>.<p>The prime minister also said that it was the best time to invest in India because the country was willing to become a more trusted partner in global supply chain.</p>.<p><strong>Watch latest videos by DH here:</strong></p>
<p>Prime Minister Narendra Modi said on Monday that a collective global effort is needed to deal with the problems posed by cryptocurrenices.</p>.<p>"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 said at the World Economic Forum's virtual Davos Agenda conference.</p>.<p>India has been mulling virtual currency-related regulations which were widely expected to be introduced in the Winter Session of the Parliament in December before being shelved.</p>.<p>New Delhi has previously flagged that it plans to ban most cryptocurrencies - a move which would follow recent measures by China that intensified its crackdown on cryptocurrencies.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/economy-business/this-is-the-best-time-to-invest-in-india-pm-modi-at-davos-1072057.html" target="_blank">This is the best time to invest in India: PM at Davos</a></strong></p>.<p>India's central bank has also voiced "serious concerns" around digital currencies saying that they may impact financial stability.</p>.<p>There are an estimated 1.5 to 2 crore cryptocurrency investors in India, with total crypto holdings of around Rs 40,000 crore ($5.39 billion) according to industry estimates.</p>.<p>India is also working on signing free trade agreements with many countries, Modi added.</p>.<p>India recently announced a start to free trade talks with Britain with the intent of signing a deal by the end of this year.</p>.<p>The prime minister also said that it was the best time to invest in India because the country was willing to become a more trusted partner in global supply chain.</p>.<p><strong>Watch latest videos by DH here:</strong></p>