Indian PM Modi calls for a global cryptocurrency framework at G20 Summit
For years, India has lobbied for a global crypto framework, despite the fact that its own crypto sector lacks a clear legal structure and easier taxation.
During the annual Group of 20 (G20) summit, Indian Prime Minister Narendra Modi urged worldwide collaboration on developing crypto rules. As G20 president, India has taken on the role of advocating for a comprehensive worldwide framework for cryptocurrency regulation.
The G20 is made up of 19 countries and the European Union, representing the world’s biggest established and rising economies, and it is in charge of worldwide economic cooperation, which is crucial in building global architecture and governance on all significant international economic issues. Modi discussed the role of emerging technologies such as blockchain and cryptocurrencies in an interview with a local daily. The nature of such developing technologies, according to Modi, will have a worldwide influence. As a result, the laws, regulations, and frameworks that surround it should not be owned by a single country or set of countries.
Modi used the aviation industry as an example, saying that, like the same norms and regulations controlling air traffic control or air security, emergent technologies such as Bitcoin should be governed worldwide. He went on to say that India is contributing to the crypto regulatory discussion: “India’s G20 presidency expanded the crypto conversation beyond financial stability to consider its broader macroeconomic implications, particularly for emerging markets and developing economies.” Our presidency also organized enlightening lectures and conversations that deepened our understanding of crypto assets.”
On August 1, India issued a presidential note in which it provided input on the global framework for crypto. The crypto framework recommendations were in line with the guidelines issued by the Financial Stability Board, the Financial Action Task Force, and the International Monetary Fund. The note also included further recommendations for developing economies. India has long advocated for a global crypto framework, despite its own crypto regulatory system being riddled with complications, ambiguity, and heavy taxation. In 2022, the country implemented a 30% tax on crypto earnings, resulting in a huge departure of fledgling crypto enterprises and a steep drop in crypto trading activity.
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