Indian PM Modi Calls for Global Collaboration on Crypto Regulations at G20 Summit
Summary:
Indian Prime Minister Narendra Modi calls for global collaboration on crypto regulations during G20 summit, emphasizing the need for a comprehensive global framework. India, as the G20 President, is advocating for the regulation of cryptocurrencies and their impact on the global economy. Modi cites the example of the aviation industry and highlights India's active involvement in the crypto regulatory conversation. The country released a presidency note with suggestions aligned with international guidelines and additional focus on developing economies. However, India's domestic crypto regulatory environment faces challenges such as complexity, lack of clarity, and high taxes.
Indian Prime Minister Narendra Modi has urged for a worldwide collaboration in developing regulations for cryptocurrencies during the recent G20 summit. As the President of G20, India has taken on the responsibility of advocating for a comprehensive global framework that will govern the use of digital currencies. The G20, being a crucial platform for international economic cooperation, plays a significant role in strengthening the global governance and structure surrounding major economic issues. In an interview, PM Modi discussed the influence of emerging technologies like blockchain and cryptocurrency on a global scale. He emphasized that the regulations and framework for such technologies should not be limited to a single country or group of countries. Drawing a parallel with the aviation industry, Modi suggested that just as air traffic control and air security have universally accepted rules and regulations, there should be a consensus on regulations for cryptocurrencies as well. He highlighted India's active involvement in the conversation surrounding crypto regulations, particularly in addressing the macroeconomic implications for emerging markets and developing economies. India has released a presidency note expressing its input on the global crypto framework, aligning its suggestions with guidelines presented by organizations like the Financial Stability Board (FSB), the Financial Action Task Force (FATF), and the International Monetary Fund (IMF). The note also includes additional suggestions with a focus on developing economies. However, while India advocates for a global crypto framework, the domestic regulatory environment still faces challenges including complexity, lack of clarity, and high taxes. The country recently imposed a 30% tax on crypto gains, leading to the departure of many crypto companies and a decline in trading activity.
Published At
8/28/2023 7:52:39 AM
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