Indian PM Modi Urges Collaboration for Global Cryptocurrency Framework at G20 Summit
The annual Group of 20 (G20) summit witnessed Indian Prime Minister Narendra Modi calling for global cooperation in formulating cryptocurrency regulations. As the president of the G20, India is taking the lead in advocating for a comprehensive worldwide framework to regulate cryptocurrencies.
Global Collaboration for Crypto Regulations
The G20 is composed of 19 countries along with the European Union, which represent the world’s major developed and emerging economies. This group plays a crucial role in strengthening global architecture and governance related to all major international economic issues.
In an interview with a local daily, Modi emphasized the global impact of emerging technologies like blockchain and cryptocurrency. He stressed that rules, regulations, and frameworks regarding these technologies should not be limited to one country or a specific group of countries.
Modi drew a parallel with the aviation industry and highlighted the necessity for global regulations similar to air traffic control or air security. He stated that just as the aviation industry operates under shared rules and regulations, emerging technologies like cryptocurrency should also be governed globally.
India’s Contribution to the Crypto Regulatory Conversation
India, under its G20 presidency, has taken the initiative to expand the conversation surrounding cryptocurrencies beyond financial stability. The country aims to consider the broader implications of crypto assets, especially for emerging markets and developing economies.
“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.”
In August 2021, India released a presidency note that provided input for the global framework for cryptocurrencies. The suggestions in the note are aligned with guidelines provided by the Financial Stability Board, the Financial Action Task Force, and the International Monetary Fund. Additionally, the note includes additional suggestions focused on developing economies.
India’s Own Crypto Regulatory Environment
Despite advocating for a global crypto framework, India’s own regulatory environment for cryptocurrencies remains complex, lacks clarity, and imposes high taxation. In 2022, the country enforced a 30% tax on crypto gains, which resulted in an exodus of crypto companies and a decline in crypto trading activity.
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