FameEX Hot Topics | Indian Prime Minister Advocates Worldwide Crypto Framework Emphasizing Unified Strategy, Adoption, and Democratization

Indian Prime Minister Narendra Modi has emphasized the need for a comprehensive global framework and regulations for cryptocurrencies. In an interview with Business Today, he highlighted the inevitability of technological advancements and stressed the importance of embracing change rather than disregarding it. He asserted that the focus should be on the adoption, democratization, and a unified approach towards cryptocurrencies and emerging technologies.

Modi returned to India after attending the BRICS summit in South Africa, during which he shared his insights on crypto regulation. He underlined that the regulatory structure should not be limited to a single country or a group of countries, advocating for a worldwide consensus-based model that addresses the concerns of nations across the Global South.

Drawing parallels with the aviation sector, Modi mentioned the existence of common global rules and regulations governing air traffic control and air security. He proposed a similar approach for emerging technologies, including cryptocurrencies, to establish a cohesive and effective regulatory framework on a global scale. As India currently holds the G20 presidency, Modi explained that significant efforts have been dedicated to discussions on cryptocurrency and debt agendas. He highlighted that the G20 discussions on cryptocurrencies have extended beyond financial stability to encompass their broader macroeconomic implications, especially for developing economies and emerging markets.

Under India's G20 presidency, a consensus has been reached on these matters, guiding standard-setting bodies accordingly. Modi mentioned that during this presidency, informative seminars and discussions have taken place, further deepening understanding of crypto assets and their potential impact.

Notably, India recently released its "Presidency Note as an input for a Roadmap on Establishing a Global Framework for Crypto Assets." In addition, the Financial Stability Board (FSB) unveiled proposed guidelines for a global regulatory framework for crypto assets. The G20 finance ministers and central bank governors also acknowledged in April that crypto regulation should not be confined to a specific region, emphasizing the need for coordinated global policy responses. Modi's advocacy for a comprehensive international framework and collaborative regulatory efforts underscores the significance of addressing the challenges and opportunities presented by cryptocurrencies on a global scale.

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