The Prime Minister noted that the fast pace of the growth of the crypto sector suggests that dismissing the technology is impractical.
Indian Prime Minister Narendra Modi has called for a global framework of rules and regulations for crypto. He emphasised that the rapid rate the tech is growing means it’s not going anywhere anytime soon.
Narendra Modi hit on crypto regulation
Narendra Modi underscored the importance of a comprehensive global framework and regulations for cryptocurrencies in an interview conducted during the G20 summit.
The Prime Minister noted that the fast pace of the growth of the crypto sector suggests that dismissing the technology is impractical. He suggested that nations should focus more on adoption, democratisation, and a unified approach.
“Ignoring or hoping to suppress technological change is futile. Instead, the effort should be directed at prioritising adoption, democratisation, and unity. The regulations and framework, though, should not be confined to a singular country or a group of countries,” PM Modi stated.
Modi has remained a big advocate for cryptocurrencies and the wider impacts of Blockchain technology. At the ongoing B20 summit, India has backed cryptocurrencies beyond financial stability. The G20 reached a consensus on matters relating to the setting a standard for crypto rules and organised seminars and discussions to deepen insights into crypto assets.
“The G20 reached a consensus on these matters, guiding standard-setting bodies accordingly. Our presidency also hosted enriching seminars and discussions, deepening insights into crypto assets,” the Indian PM concluded.
In July, India’s Financial Stability Board (FSB) published a proposal that would serve as a guideline for a global regulatory framework for crypto assets.
Earlier this month, the Asian country released its “Presidency Note as an input for a Roadmap on Establishing a Global Framework for Crypto Assets.”
G20 finance ministers and Central Bank governors earlier agreed in April that global crypto policies are required, and confining regulation to a region would be detrimental.
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