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Home » G20 Summit: Indian PM Modi Highlights Need for Global Cryptocurrency Framework

G20 Summit: Indian PM Modi Highlights Need for Global Cryptocurrency Framework

Hania by Hania
August 29, 2023
in Altcoin News, Bitcoin News
Reading Time: 2 mins read
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India's Current Stand on Crypto Regulation: Dec 2023
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India has long supported a global crypto framework despite the nation’s crypto ecosystem’s lack of regulation and taxation.

At the G20 summit, Indian Prime Minister Narendra Modi proposed for global crypto regulatory collaboration. India, as the G20 president, is pressing for a global cryptocurrency regulation framework.

The G20, which includes 19 countries plus the EU, represents the world’s key developed and rising economies and leads international economic cooperation that strengthens global architecture and governance on all major economic issues.

G20 Summit: Indian PM Modi Highlights Need for Global Cryptocurrency Framework

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In a conversation with a local daily, Modi addressed the significance of cutting-edge technology like blockchain and cryptocurrencies. Modi said such developing technology will affect the world. Rules, regulations, and frameworks should not belong to one country or set of countries.

Modi compared cryptocurrencies to air traffic control and air security, saying that emergent technology like cryptocurrency should be governed globally. He stated that India has taken part in 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.”

India provided comments on the global crypto framework in a presidency note on Aug. 1. The crypto framework recommendations matched the Financial Stability Board, Financial Action Task Force, and International Monetary Fund principles. The note included more developing economy proposals.

India has long advocated for a global crypto framework despite its own complicated, unclear, and high-taxed crypto regulatory environment. The country put a 30% tax on crypto earnings in 2022, driving away startup crypto enterprises and reducing crypto trading activity.

Tags: crypto newscrypto regulationsG20India
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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