Global: Indian PM Modi Urges International Collaboration for Cryptocurrency Regulation at G20 Summit

Indian Prime Minister Narendra Modi has called for a united effort among nations to establish a global regulatory framework for cryptocurrencies during the annual Group of 20 (G20) summit. In his capacity as G20 president, India is spearheading efforts to foster comprehensive international guidelines for governing cryptocurrencies.

Comprising 19 nations and the European Union, the G20 encompasses major developed and emerging economies. It holds a pivotal role in enhancing global architecture and governance for crucial international economic matters.

In an interview with a local newspaper, Modi highlighted the significance of emerging technologies like blockchain and cryptocurrencies. He emphasized that these technologies would have a far-reaching global impact, necessitating regulatory standards that transcend individual countries or groups of nations.

Drawing parallels with the aviation industry’s common regulations for air traffic control and air security, Modi stressed that emerging technologies, including cryptocurrencies, should be subject to global regulation. He underscored India’s active involvement in shaping the crypto regulatory discourse:

“India’s G20 presidency expanded the crypto conversation beyond financial stability to consider its broader macroeconomic implications, especially for emerging markets and developing economies. Our presidency also hosted enriching seminars and discussions, deepening insights into crypto assets.”

India released a presidency note on August 1, outlining its stance on the global cryptocurrency framework. The recommendations align with guidelines set forth by the Financial Stability Board, the Financial Action Task Force, and the International Monetary Fund. Additionally, the note proposed supplementary recommendations tailored to the needs of developing economies.

Despite facing complexities, ambiguity, and high taxation within its domestic crypto regulatory landscape, India has consistently championed the cause of a global cryptocurrency framework. The nation introduced a 30% tax on cryptocurrency gains in 2022, resulting in the departure of several burgeoning crypto enterprises and a notable reduction in crypto trading activities.