- The Indian Prime Minister stressed the importance of embracing and harmonizing the adoption of these developments.
- Under India’s G20 presidency, the Prime Minister has elevated crypto discourse over financial stability concerns.
On an exclusive interview with Business Today, Prime Minister Narendra Modi stressed the imperative need to establish a comprehensive global framework to regulate cryptocurrencies.
Recognizing the rapid advancement of technological advancement, he stressed the importance of embracing and harmonizing the adoption of these developments.
Prime Minister Modi recognized the inevitability of rapid technological progress and pushed for its integration, democratization and harmonization. He claimed,
“The rapid pace of technological change is a reality; there is no point in ignoring or wishing this away. Instead, the emphasis should be on adoption, democratization and a unified approach.”
He then underlined the importance of avoiding a uniquely national or group-based approach to regulation. Modi argued that this regulation should transcend geographic boundaries and include a global perspective, saying:
“A global, consensus-based model is needed, especially one that takes into account the concerns of the Global South. We can learn from the aviation sector. Whether it’s air traffic control or air security, there are common global rules and regulations governing the industry.”
The Prime Minister advocated a unified approach in formulating rules and regulations for emerging technologies. He emphasized the importance of this regulation that extends beyond the borders of individual countries or groups.
Crypto regulation needs a unified approach
Under India’s G20 presidency, the Prime Minister has elevated crypto discourse over financial stability concerns. This broader perspective looked at the impact on emerging markets and developing economies. The G20 reached a collective consensus on these issues and then issued guidelines for the standards-setting bodies.
Prime Minister Modi highlighted the achievements of the Indian presidency and mentioned organizing enlightening seminars and discussions that deepened the understanding of crypto assets. He emphasized the enriching nature of these discussions in increasing insights into the realm of crypto.