Modi on Crypto Regulation
Indian Prime Minister Narendra Modi emphasized the need for a global framework and regulations for emerging technologies, including cryptocurrencies, during an interview with Business Today. Here are the key points:
- The focus should be on adopting and embracing the rapid pace of technological change.
- Rather than being limited to one country or group of countries, a global consensus-based model is necessary.
- Modi highlighted the importance of considering the concerns of the Global South in creating this framework.
- He drew a parallel with the aviation industry, where there are common global rules and regulations.
- India’s G20 presidency has expanded the conversation on cryptocurrency to consider its broader macroeconomic implications.
India has been actively engaged in discussions and efforts towards establishing a global regulatory framework for crypto assets. The G20 has reached a consensus on these matters and has guided standard-setting bodies accordingly. Modi’s remarks highlight the importance of global cooperation in shaping the future of cryptocurrencies.
Hot Take
The Indian Prime Minister’s call for a global framework for cryptocurrencies reflects a recognition of the need for collaboration and consensus in regulating this emerging technology. By emphasizing the importance of a unified approach and considering the concerns of the Global South, Modi highlights the need for inclusive and balanced regulations. This signals a positive step towards a more coordinated and globally accepted regulatory environment for cryptocurrencies.
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