PM Modi calls for global framework to regulate cryptocurrencies

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  • Indian Prime Minister Narendra Modi has emphasized the importance of embracing technological advancements and a global framework to regulate cryptocurrencies.
  • The G20 has reached a consensus on these matters, influencing international bodies to set standards.
  • He emphasized the need for a consensus-based approach to regulate these technologies, ensuring fairness and unity.

Indian Prime Minister Narendra Modi has spoken about the rapid advancements in technology and stressed the importance of embracing these changes for the benefit of everyone. During an exclusive interview with Business Today, he highlighted the need for a global framework to regulate cryptocurrencies.

Prime Minister Modi recognized that technology is advancing rapidly and cannot be ignored. Instead, he emphasized that we should focus on adopting and incorporating these technologies into our lives while ensuring fairness and unity in the process.

He stated, “We can’t just ignore the fast pace of technological change. We should focus on making it a part of our lives, ensuring fairness and unity.”

Furthermore, he pointed out that regulations and rules for these technologies should not be limited to one country or a specific group of nations. According to PM Modi, not only cryptocurrencies but also other emerging technologies require a global approach with proper regulations.

“We need a global consensus-based approach, especially one that takes into consideration the concerns of all nations, including those in the Global South. Look at aviation as an example – there are common global rules and regulations that govern air traffic control and air security,” he explained.

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Regarding India’s leadership in the G20, PM Modi highlighted the country’s efforts in addressing both debt-related issues and matters related to cryptocurrencies. He emphasized that India’s role extended beyond just financial stability and included broader considerations about how these changes impact developing economies and emerging markets.

“Over the past nine months, we’ve been actively involved in discussions about both debt and crypto topics within the G20. India’s G20 leadership went beyond just looking at financial stability to also explore how these changes affect the bigger economic picture, especially for countries that are still developing,” PM Modi elaborated.

He also mentioned that the G20 had reached a consensus on these matters and had influenced international bodies to set standards accordingly. During India’s G20 presidency, various seminars and discussions were organized to deepen the understanding of crypto assets.

Prime Minister Modi highlighted the importance of acknowledging and embracing technological advancements while emphasizing the need for a global framework to regulate cryptocurrencies and other emerging technologies. He also showcased India’s active involvement in global discussions about these issues through its G20 leadership.