Summary
- Indian Prime Minister Narendra Modi has stressed the importance of a global framework to regulate cryptocurrencies.
- He believes that the focus should be on adoption, democratization and a unified approach.
- Under India’s G20 presidency, the Prime Minister elevated the crypto discourse beyond concerns of financial stability.
Indian PM Highlights Crypto Regulations
Indian Prime Minister Narendra Modi emphasizes the need for a global framework to regulate crypto, advocating for a unified approach. PM Modi acknowledged the inevitability of swift technological progress and urged for its integration, democratization, and harmonization. He stated, “The rapid pace of change of technology is a reality—there is no point in ignoring it or wishing it away. Instead, the focus should be on adoption, democratisation and a unified approach.” He went on to underscore the importance of avoiding a singular national or group-oriented approach to regulations.
A Global Consensus Model Is Needed
PM Modi articulated that these regulations should transcend geographical boundaries and encompass a global perspective, saying, “A global consensus-based model is needed, especially one which considers the concerns of the Global South. We can learn from the field of aviation. Be it air traffic control or air security, there are common global rules and regulations governing the sector.” The Prime Minister advocated for a unified approach in formulating rules and regulations for emerging technologies. He highlighted the significance of these regulations extending beyond the confines of individual countries or groups.
G20 Reaches Consensus On Crypto Regulations
Under India’s G20 presidency, the Prime Minister elevated the crypto discourse beyond concerns of financial stability. This broader perspective considered the impact on emerging markets and economies in development. The G20 collectively reached a consensus on these issues, subsequently guiding standard-setting bodies accordingly. Highlighting the outcomes of India’s presidency, PM Modi mentioned hosting insightful seminars and discussions related to developing an appropriate regulatory response towards digital assets like crypto coins as well as other decentralized technologies such as blockchain with world leaders at various forums including G20 Summit 2019 & 2020 respectively .