India Calls for Global Crypto Framework at G20 Summit

Narendra Modi, the Indian Prime Minister, has urged international cooperation in developing crypto rules at the annual G20 summit. India has taken on the responsibility of promoting a comprehensive worldwide structure for managing cryptocurrencies as the country is holding the G20 presidency this year.

PM of India Calls for Global Efforts

In an interview with Business Today, Modi discussed the significance of cutting-edge technology like blockchain and cryptocurrencies. According to the Prime Minister of India, the very existence of these new technologies would have an impact on the entire world. 

Taking Example from the Aviation Sector

As a result, neither a single nation nor a group of nations should control the laws, regulations, or framework that surround it. Using the aviation sector as an example, Modi proposed that emergent technology like bitcoin should also be subject to international regulation, just as the standard regulations and norms controlling air traffic control or air security. 

He observed: “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.”

Guidelines for International Organizations

India published a presidency note on August 1 that includes suggestions for the global framework for cryptocurrencies. The guidelines that were prepared by the Financial Stability Board, the Financial Action Task Force, and the International Monetary Fund corresponded with the recommendations on the crypto framework. Additional recommendations centered on developing economies were also included in the note.

Blockchain in India

India has made great progress towards establishing prominence in the crypto world despite a number of obstacles. Adoption of blockchain technology, funding for startups, and crypto regulation or education are some of the current strategies.

Remarkably, India has been investigating the application of blockchain technology in a number of industries, which may open the way for a wider acceptance of cryptocurrencies. India currently accounts for 53% of all cryptocurrency users worldwide, which is five times as many as there are in the US.