Indian Prime Minister Narendra Modi called for global cooperation on crypto regulations at the G20 summit.
India has been advocating a global crypto framework for years. However, the crypto ecosystem in the country is still seeking a clear regulatory framework and simple taxation. Indian Prime Minister Narendra Modi called for a global collaboration on formulating crypto regulations during the Group 20 (G20) summit. The Chairman of the G20 is tasked with advocating a comprehensive global framework for regulating cryptocurrencies.
Narendra Modi discussed the innovation of the industry
The Indian Prime Minister talked about the role of emerging technologies such as blockchain and crypto in an interview with a journalist. Modi stated that the nature of such emerging technologies will have an impact on a global scale. “Therefore, the rules, regulations and framework around it should not belong to a single country or a group of countries,” he said.
Modi cited the aviation industry as an example. He said that just as air traffic control or air safety should have common global rules and regulations, emerging technologies such as the crypto sector must reach a worldwide consensus. He also added that India is doing its part in the crypto regulation talks:
“India’s G20 presidency has taken the crypto debate beyond financial stability, taking into account the broader macroeconomic implications of this, particularly for emerging markets and emerging economies. Our Presidency has also deepened insights into crypto assets by hosting enriching seminars and discussions.”
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