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Indian Prime Minister Modi advocates for an international cryptocurrency regulatory framework during G20 Summit.
Indian Prime Minister Narendra Modi has emphasized the need for international cooperation in establishing cryptocurrency regulations during the annual Group of 20 (G20) summit. As the G20 president, India has undertaken the initiative to promote a comprehensive global framework for cryptocurrency regulation.
The G20 consists of 19 nations and the European Union, representing the world’s key developed and emerging economies, and it spearheads international economic collaboration that is vital for enhancing global governance and architecture on significant international economic matters.
In an interview with a local newspaper, Modi discussed the influence of emerging technologies such as blockchain and cryptocurrency. He remarked that the impact of these technologies will be global in nature. Therefore, the associated rules, regulations, and frameworks should not be confined to a single nation or a select group of nations.
Modi referenced the aviation sector, stating that just as there are universal rules and regulations governing air traffic control and air security, emerging technologies like cryptocurrency should also be subject to global regulation. He further mentioned that India is contributing to the dialogue on crypto regulation:
“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.”
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On August 1, India published a presidency note that included its contributions to the global framework for cryptocurrency. The recommendations for the crypto framework were consistent with the guidelines established by the Financial Stability Board, the Financial Action Task Force, and the International Monetary Fund. The note also featured additional recommendations aimed at developing economies.
Related: India negotiates cross-border CBDC payments with global central banks
India has been advocating for a global cryptocurrency framework for some time, even as its own crypto regulatory landscape remains complicated, unclear, and subject to high taxation. The country implemented a 30% tax on crypto gains in 2022, resulting in a significant departure of emerging crypto companies and a notable decrease in crypto trading activity.
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