New Delhi [India], January 17 (ANI) : Noting that the challenges being faced by the countries in the world are increasing, Prime Minister Narendra Modi on Monday referred to cryptocurrency as an example of it and said the kind of technology that is associated with it will make decisions taken by one country insufficient to deal with challenges.

"Today, at the beginning of 2022, when we are doing this brainstorming in Davos, India also considers it its responsibility for awareness of some more challenges. Today, with the change in the global order, the challenges we have been facing as a global family are also increasing. To counter these, there is a need for collective and synchronized action by every country, every global agency. These supply chain disruptions, inflation and climate change are examples of these. Another example is a cryptocurrency," said PM Modi while addressing the World Economic Forum's (WEF) Davos Agenda virtually on Monday.

"The kind of technology it (cryptocurrency) is associated with, the decisions taken by a single country will be insufficient to deal with its challenges. We need to have similar mindset," he said.

He said the question is also if the multilateral organizations are prepared to deal with the new world order and new challenges"Seeing the global situation today, the question is also if the multilateral organizations are prepared to deal with the new world order and new challenges. When these organisations were formed, the situation was different, today the situation is different. Therefore, it is responsibility of every democratic country to give emphasis on reforms in these institutions so that they can be made effective to deal with the challenges of today and tomorrow," he said.

"I am sure there will be a positive dialogue in this direction in the discussions in Davos," he Prime Minister added.

Davos Agenda of the WEF is being held from January 17-21. Several heads of state will address the event. The event will also witness the participation of top industry leaders, international organisations and civil society, who will deliberate on critical challenges being faced by the world today and discuss how to address them. (ANI)