India’s Prime Minister Narendra Modi Calls for Global Framework on Cryptocurrency and Emerging Technologies

India’s Prime Minister Narendra Modi has called for a global framework to regulate cryptocurrencies and other emerging technologies. In a recent interview, Modi emphasized the need for rules and regulations that do not belong to one country or a group of countries. As India presides over the 2023 G20 summit, Modi highlighted the importance of considering the broader macroeconomic implications of cryptocurrencies, particularly for emerging markets and developing economies. The G20, which represents a significant portion of the global GDP and population, will be discussing these issues at their upcoming summit in New Delhi.

Key Points:

Prime Minister Narendra Modi believes that a global framework is necessary to regulate cryptocurrencies and other emerging technologies.
India’s G20 presidency aims to expand the crypto conversation to consider its broader macroeconomic implications, especially for emerging markets and developing economies.
The Group of Twenty (G20) represents a large portion of the global GDP, trade, and population.
India has been anti-crypto in the past, but is developing its own Central Bank Digital Currency (CBDC) called the E-Rupee.
The pilot program for the E-Rupee has reportedly invited more institutions to participate.

Hot Take:

Modi’s call for a global framework on cryptocurrency and emerging technologies highlights the increasing recognition of the need for regulation in this space. As India takes the lead in the G20 summit, it is evident that the discussion on cryptocurrencies has moved beyond just financial stability and is now considering the broader implications for emerging markets and developing economies. While India has been skeptical of cryptocurrencies in the past, their development of a Central Bank Digital Currency shows that they recognize the potential benefits of digital currencies. The outcomes of the G20 summit and the adoption of a global framework will be crucial in shaping the future of cryptocurrencies and emerging technologies.