By Bitcoin.com - 8 months ago - Reading Time: 2 minutes
India’s Prime Minister Calls for Global Crypto Framework With Focus on Unified Approach, Adoption, Democratization
India’s Prime Minister Narendra Modi says crypto needs “a global framework and regulations.” He stressed: “The rapid pace of change of technology is a reality — there is no point in ignoring it or wishing it away. Instead, the focus should be on adoption, democratization, and a unified approach.”
Modi on Crypto Regulation
Indian Prime Minister Narendra Modi talked about cryptocurrency regulation in an interview with Business Today, published on Saturday. Modi, who recently returned to India from South Africa, where he attended the BRICS summit, said:
The rapid pace of change of technology is a reality — there is no point in ignoring it or wishing it away. Instead, the focus should be on adoption, democratization, and a unified approach.
“At the same time, the rules, regulations, and framework around it should not belong to one country or a group of countries. So not only crypto, but all emerging technologies need a global framework and regulations,” the Indian prime minister stressed.
“A global consensus-based model is needed, especially one which considers the concerns of the Global South. We can learn from the field of aviation. Be it air traffic control or air security, there are common global rules and regulations governing the sector,” he described.
India currently holds the G20 presidency. “In the past nine months, vast efforts and energy have been channeled into debt and crypto agendas,” Modi said, elaborating:
India’s G20 presidency expanded the crypto conversation beyond financial stability to consider its broader macroeconomic implications, especially for emerging markets and developing economies.
“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 leader concluded.
Earlier this month, India released its “Presidency Note as an input for a Roadmap on Establishing a Global Framework for Crypto Assets.” In July, the Financial Stability Board (FSB) published its proposed guidelines for a global regulatory framework for crypto assets. In April, the G20 finance ministers and central bank governors agreed that crypto regulation cannot be confined to one part of the world, noting that global policy responses are required.
Do you agree with Indian Prime Minister Narendra Modi about cryptocurrency regulations? Let us know in the comments section below.
Original source: Bitcoin.com