August 29, 2023

Indian PM Urges To Develop Global Policies for Cryptocurrencies

Indian PM

Indian PM

Indian Prime Minister Narendra Modi has urged worldwide cooperation in developing policies for cryptocurrencies.

As the current president of the G20, India is leading the charge in creating a universal global structure for regulating crypto. In a recent interview with a local newspaper, Modi discussed the significance of cutting-edge technologies like blockchain and cryptocurrency.

He acknowledged that these technologies will have a far-reaching impact on the world. Therefore, the rules, regulations, and structure surrounding them should not be limited to a single nation or a select few.

Modi drew a comparison to the aviation industry and emphasized the need for global regulation of emerging technologies such as cryptocurrency, similar to the regulations in place for air traffic control and air security. He also mentioned that India is actively participating in discussions about crypto regulations.

“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,” the Indian prime minister added.

India issued a presidency note on August 1 regarding the global framework for cryptocurrency. The country’s input on the crypto framework was in line with the guidelines established by the Financial Stability Board, the Financial Action Task Force, and the International Monetary Fund. In addition, the note included further suggestions aimed at developing economies.

India has been pushing for a universal framework for cryptocurrencies on a global scale despite its own regulatory environment for crypto remaining shrouded in complexity, lack of clarity, and high taxation. In 2022, the country introduced a 30% tax on profits earned through cryptocurrencies, which led to a significant drop in crypto trading activity and caused many new crypto companies to leave the market.

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