Indian PM Narendra Modi proposes global crypto regulation during G20

• The Indian Prime Minister stressed the significance of embracing and harmonizing the adoption of these advancements.
• Under India’s G20 presidency, the Prime Minister elevated the crypto discourse beyond concerns of financial stability.

In an exclusive interview

with Business Today, Prime Minister Narendra Modi emphasized the imperative need for the establishment of a comprehensive global framework to regulate cryptocurrencies.

Recognizing the rapid stride of technological advancement, he stressed the significance of embracing and harmonizing the adoption of these advancements.

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. 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.

Crypto regulation needs a unified approach

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 the hosting of insightful seminars and discussions that deepened understanding about crypto assets. He emphasized the enriching nature of these discussions in enhancing insights into the realm of crypto.