On Monday, PM Narendra Modi called for synchronized and collective action related to policymaking for blockchain-backed digital currencies. Speaking at the World Economic Forum’s Davos Agenda 2022 virtual event, the PM noted that besides the change for global order, the challenges are also surging, including inflation, supply-chain disruption, climate change and crypto.

He said that the way technology is associated with crypto, any decision taken by a specific nation won’t be sufficient to resolve the challenges it poses. A uniform thought process needs to be kept on it.

Modi’s call for a collective effort comes soon after the end of the winter session of the Parliament, where a crypto bill was listed for tabling but wasn’t. Modi also took the chance to talk about the relevance of multilateral companies in the new world order and the new upcoming challenges.

PM said that a query that arises in the latest global context is whether the multilateral companies are capable of handling the challenges of the new world order. Today the situation has changed in comparison to the time when these companies were established.

The prime minister, calling on reforms said that it is the responsibility of all democratic nations to strengthen reforms of these companies so that they are made capable of resolving challenges of the future and the present. Time and again, PM has called for reforming these companies, including the Security Council of the United Nations.