- Indian Prime Minister Narendra Modi proposes a unified global framework for regulating cryptocurrencies.
- PM Modi acknowledges the rapid pace of technological advancements.
- India’s PM’s plea for a unified approach extends to crypto regulations, drawing parallels with universal aviation regulations
In a significant announcement at the G20 summit, Prime Minister of India, Narendra Modi advocated for a global framework to regulate the rapidly evolving cryptocurrency landscape. PM Modi’s proposal emphasizes the need for a unified approach that transcends individual national boundaries, echoing the sentiments expressed in a series of tweets by crypto commentator Keyur Rohit.
Recognizing the swift pace of technological progress, PM Modi underscores the importance of embracing and harmonizing these advancements rather than shunning or resisting them. This stance reflects his acknowledgment of the transformative potential of cryptocurrencies and blockchain technology in shaping the future global financial landscape.
PM Modi’s call for a unified approach extends to crypto regulations, advocating for a consensus-based global model. Drawing parallels with the aviation industry’s adherence to universal regulations, he suggests that a similar international consensus could provide a stable foundation for crypto’s growth.
PM Modi emphasizes the significance of regulations that take into account the unique concerns of the Global South and emerging markets. He stresses that a comprehensive perspective, extending beyond merely ensuring financial stability, is essential for crafting effective regulatory measures.
G20’s Role and India’s Contribution
Under India’s leadership within the G20, the discussions around cryptocurrencies have expanded to encompass their impact on emerging economies and markets. The G20’s consensus on crypto regulations not only offers guidance to standard-setting bodies but also reflects a collaborative effort to address the challenges and opportunities presented by the crypto sector.
During its G20 presidency, India played a proactive role by organizing seminars and discussions dedicated to cryptocurrencies. These efforts provided participants with deeper insights into the intricacies of the crypto realm, fostering a more informed understanding of this evolving asset class.
Rather than taking an adversarial approach, he advocates for a collaborative, global effort in shaping regulations that will ensure the responsible growth and integration of cryptocurrencies within the broader financial ecosystem.
