Indian Prime Minister Narendra Modi has called for global collaboration on formulating crypto regulations during the annual G20 summit. As president of the G20, India has taken up the task of advocating for a comprehensive global framework for regulating cryptocurrencies.
Modi talked about the role of emerging technologies such as blockchain and cryptocurrency. Modi noted that the nature of such emerging technologies will have a global impact. Thus, the rules, regulations and framework around it should not belong to one country or a group of countries.
Modi cited the example of the aviation industry and said that, like the common rules and regulations governing air traffic control or air security, emerging technologies like cryptocurrency should also be regulated globally.
On Aug. 1, India released a presidency note, which included its input on the global framework for crypto. The suggestions on the crypto framework were aligned with the guidelines written by the Financial Stability Board, the Financial Action Task Force and the International Monetary Fund. The note also contained additional suggestions focused on developing economies.
India has been advocating for a global crypto framework for some time despite its own crypto regulatory environment still shrouded in complexities, lack of clarity and high taxation. The country imposed a 30% tax on crypto gains in 2022, leading to a mass exodus of budding crypto companies and a sharp decline in crypto trading activity.
