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India Calls for Global Crypto Regulatory Framework at G20

India Calls for Global Crypto Regulatory Framework at G20

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India has yet again called for a global approach to crypto regulation during its G20 presidency. 

During an interview with Business Today, the Prime Minister of India, Narendra Modi, again underscored the need for a global approach to regulating cryptocurrencies and digital assets. 

India Maintains its View on a Global Crypto Regulatory Framework

Ahead of this year’s G20 summit, which will take place in Delhi on September 9 and 10, India, which holds this year’s presidency, has again reiterated the need for unified crypto regulations.

During the interview, PM Narendra Modi addressed emerging technologies such as cryptocurrencies and blockchain and noted that these technologies have a global impact. As such, PM Modi said regulating these technologies needs to take a global approach. 

The PM noted that India is doing its part to contribute to the framework and said:

“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.” 

Modi Supports Including African Union Into G20

PM Modi further said he supports the G20 being more inclusive and would favour adding the African Union into the G20 to make them part of the discussion around crypto regulation.

Modi said:

“We haven’t stopped at ideating on how we should move ahead. We have also come up with tangible details on the way ahead and how quickly we need to move.

So, our road map is detailed and action-oriented.”

India Aligns Its Views with the IMF, FSB, and FATF

India recently commented on what approach crypto regulation should take and firmly maintains that the G20 should implement coordinated crypto regulations. India’s views align with those of the International Monetary Fund (IMF) and the Financial Stability Board (FSB).  

On several previous occasions, Indian lawmakers and politicians suggested that global consensus is needed to tackle regulation. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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