Prime Minister Narendra Modi on Monday stated that dealing with the difficulties posed by cryptocurrencies requires a global effort.

“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.

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Modi also called for the reform of multilateral organisations, such as the International Monetary Fund, as he expressed doubt on whether they are capable of tackling such new challenges.

India has been considering virtual currency regulations, which were widely expected to be introduced during the winter session of parliament in December before being delayed.

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New Delhi has already stated that it intends to ban the majority of cryptocurrencies, a move that would follow China’s recent actions that tightened its grip on cryptocurrencies.

India’s central bank has also expressed “serious concerns” about digital currencies, claiming that they might have an impact on financial stability.

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According to industry estimates, there are 15 million to 20 million cryptocurrency investors in India, with total crypto holdings of roughly 400 billion rupees ($5.39 billion).

Modi also stated that India is aiming to sign free trade agreements with a number of nations.

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India has declared the commencement of free trade discussions with Britain, with the goal of concluding an agreement by the end of the year.

The prime minister also stated that now was the perfect moment to invest in India since the country was eager to become a more trustworthy partner in the global supply chain.

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Bitcoin is currently trading around $42,173.51, down 1.24%. In the last 24 hours, the highest it touched was $42,892.79 and the lowest was $41,680.32. Bitcoin has a current market cap of $798,478,482,218. It has a circulating supply of 18,932,781.00 BTC coins and a maximum supply of 21,000,000 coins.