The Prime Minister of India has called for a global crypto framework that prioritizes a unified approach
Narendra Modi, the PM of India, has called for “a global framework and regulations” for the cryptocurrency market.
In an interview with Business Today released on Saturday, Indian Prime Minister Narendra Modi discussed the need for regulation of cryptocurrencies. Modi, who was in South Africa for the BRICS conference and has just returned to India, said:
“There is no use in denying or wishing away the realities of today’s lightning-fast technological advancements. Instead, it’s time to prioritize widespread uptake, accessibility, and a coherent strategy.”
“The laws, regulations, and structure around it should also not be the exclusive property of any one nation or set of countries. Therefore, it is imperative that there be a worldwide framework and regulations for crypto and all other emerging technologies,” the Indian prime minister said.
“A global consensus-based paradigm is required, particularly one that takes into account the issues faced by countries in the Global South. There is plenty that the aviation industry can teach us. He elaborated on how the industry is governed by universal standards throughout the board, from air traffic control to air security.”
The G20 is presently being mediated over by India. “In the past nine months, vast resources and energy have been directed into debt and crypto agendas,” Modi said.
India’s G20 presidency pushed the discussion of crypto beyond the narrow confines of financial stability into the realm of macroeconomic repercussions, in particular for developing countries and emerging markets.
“The G20 agreed on these issues and is now directing standard-setting organizations. In addition, throughout our presidency we conducted insightful seminars and conversations that increased our understanding of crypto assets”, the Indian leader said.