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“One among these issues is that of crypto currency, which has emerged as a new topic for social order, monetary and financial stability.”We need to develop global standards to regulate crypto currencies, and to do this we have the model of Basel standards on banking regulations before us,” the prime minister said.Modi once again reiterated the need for restructuring the UN Security Council, noting that despite 200 nations being part of the UN, the permanent members of the Security Council have remained static even after almost 80 years of its existence.”If an organisation doesn’t change with time, it loses its relevance.We need to think with open minds as to why new global platforms have emerged and are also successful,” Modi said.The prime minister also called for expansion of the mandate of multilateral development banks (MDBs), for which immediate and effective decisions are needed to be taken.
“In the fast changing world, along with sustainability there is also a need for stability, so let’s take a vow to fructify our promises on Green Development Pact, action plan on SDGs, high level principles on anti-corruption, MDBs’ reforms as well as digital public infrastructure,” the prime minister said..
