Indian Prime Minister Narendra Modi has called for a global collaboration on formulating crypto regulations during the Group of 20 (G20) summit. India, which currently holds the G20 Presidency, has taken up the task of advocating for a comprehensive global framework for regulating cryptocurrencies. During an interview with a local daily, Modi talked about the role of emerging technologies such as blockchain and cryptocurrency, noting that the nature of such technologies will have an impact on the global scale and thus, the rules, regulations and framework around it should not belong to one country or a group of countries.
Modi cited the example of the aviation industry and said just like air traffic control or air security have common global rules and regulations, emerging technologies like cryptocurrency should also see a worldly consensus. India released its presidency note that included its input on the global framework for crypto. The suggestions on the crypto framework were aligned with the guidelines written by the Financial Stability Board FSB, the Financial Action Task Force (FATF) and the International Monetary Fund (IMF). The note also contained additional suggestions with a focus on developing economies.
India has been advocating for a global crypto framework for quite some time, however, back home, the crypto regulatory environment is still shrouded in complexities, lack of clarity and high taxations. The country imposed a 30% tax on crypto gains in 2022, leading to a mass exodus of budding crypto companies and a sharp decline in crypto trading activity.
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| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇮🇳 |
| Sentiment | neutral |
| Relevance Score | 9 |
| People | Jameson Lopp, Narendra Modi |
| Companies | Financial Stability Board (FSB), Group of 20 (G20), Financial Action Task Force (FATF), International Monetary Fund (IMF) |
| Currencies | None |
| Securities |
