Global Consensus Needed for Cryptocurrency Regulation, says Indian Prime Minister

Embracing Technological Changes

Indian Prime Minister, Narendra Modi, during a candid chat with Business Today, accentuated the swift and unstoppable momentum of tech innovations. Highlighting the significance of adoption and harmonization of such advancements, he said, “Technology’s swift evolution is undeniable—resisting or denying it is futile. The focus should be directed towards an inclusive and standardized approach.”

Unified Regulation for Emerging Technologies

Modi further argued for a consistent method in forming regulations for emergent technologies. The principle guiding such regulations should not be confined to a single nation or an ensemble of nations. “Emerging technologies, including cryptocurrencies, necessitate international standards and regulations,” he articulated.

He further propounded the idea of an international consensus-driven model, drawing parallels from the aviation sector. “The aviation realm, whether it’s air traffic control or security measures, adheres to globally accepted norms and standards. We need a similar global, consensus-driven approach for technologies, one that also caters to the concerns of the Global South,” Modi conveyed.

India’s Role in the G20’s Crypto Discussions

Shedding light on India’s pivotal role during its G20 presidency, Modi revealed the significant emphasis laid on debt and cryptocurrency topics. “Over the recent months, our G20 presidency has intensely focused on cryptocurrency discussions. We have ventured beyond just financial stability concerns and delved into its wider macroeconomic implications, particularly concerning emerging and developing nations,” said the Prime Minister.

Under India’s guidance, the G20 achieved a shared understanding on crypto concerns, directing norm-setting bodies in line with the consensus. “Our tenure witnessed insightful seminars and dialogues, enriching our collective comprehension of cryptocurrency assets,” Modi concluded.