Indian Prime Minister Narendra Modi has called for global collaboration on formulating crypto regulations during the annual Group of 20 (G20) summit. As president of the G20, India has taken up the task of advocating for a comprehensive global framework for regulating cryptocurrencies.
The G20 comprises 19 countries and the European Union, representing the world’s major developed and emerging economies, and it leads international economic cooperation that plays a critical role in strengthening global architecture and governance on all major international economic issues.
During an interview with a local daily, Modi talked about the role of emerging technologies such as blockchain and cryptocurrency. Modi noted that the nature of such emerging technologies will have a global impact. Thus, the rules, regulations and framework around it should not belong to one country or a group of countries.
Modi cited the example of the aviation industry and said that, like the common rules and regulations governing air traffic control or air security, emerging technologies like cryptocurrency should also be regulated globally. He further added that India is doing its part in the crypto regulatory conversation:
“India’s G20 presidency expanded the crypto conversation beyond financial stability to consider its broader macroeconomic implications, especially for emerging markets and developing economies. Our presidency also hosted enriching seminars and discussions, deepening insights into crypto assets.”
On Aug. 1, India released a presidency note, which included its input on the global framework for crypto. The suggestions on the crypto framework were aligned with the guidelines written by the Financial Stability Board, the Financial Action Task Force and the International Monetary Fund. The note also contained additional suggestions focused on developing economies.
India has been advocating for a global crypto framework for some time despite its own crypto regulatory environment still shrouded in complexities, lack of clarity and high taxation. The country imposed a 30% tax on crypto gains in 2022, leading to a mass exodus of budding crypto companies and a sharp decline in crypto trading activity.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
– Indian PM Narendra Modi has called for global collaboration on formulating crypto regulations at the G20 Summit.
– India, as president of the G20, is advocating for a comprehensive global framework for regulating cryptocurrencies.
– Modi emphasized that emerging technologies like blockchain and cryptocurrency have a global impact and should be regulated globally.
– India released a presidency note on the global framework for crypto, aligned with the guidelines of various international organizations.
– Despite its own complex regulatory environment, India has been advocating for a global crypto framework.
– India imposed a 30% tax on crypto gains, leading to the departure of crypto companies and a decline in crypto trading activity.