Prime Minister Narendra Modi emphasised the need for establishing a comprehensive global framework for regulating cryptocurrencies, in an exclusive interview with Business Today.
He acknowledged the inevitable rapid pace of technological advancement and underscored the importance of embracing, democratising, and harmonising its adoption.
“The rapid pace of change of technology is a reality—there is no point in ignoring it or wishing it away. Instead, the focus should be on adoption, democratisation and a unified approach,” PM Modi said.
“At the same time, the rules, regulations and framework around it should not belong to one country or a group of countries. So not only crypto, but all emerging technologies need a global framework and regulations,” he added.
‘Global consensus-based model needed’
PM Modi advocated for a unified approach in shaping the rules, regulations, and framework surrounding emerging technologies. He stressed that these regulations should transcend the boundaries of individual nations or groups.
“A global consensus-based model is needed, especially one which considers the concerns of the Global South. We can learn from the field of aviation. Be it air traffic control or air security, there are common global rules and regulations governing the sector,” PM Modi said.
India G20 Presidency and crypto agenda
Highlighting the efforts of India's G20 presidency over the past nine months, PM Modi said a lot of energy and efforts have been channeled into debt and crypto agendas. He said the focus shifted to understanding the broader macroeconomic implications, especially for emerging markets and developing economies.
“In the past nine months, vast efforts and energy have been channelled into debt and crypto agendas. India’s G20 presidency expanded the crypto conversation beyond financial stability to consider its broader macroeconomic implications, especially for emerging markets and developing economies,” PM Modi said.
“The G20 reached a consensus on these matters, guiding standard-setting bodies accordingly. Our presidency also hosted enriching seminars and discussions, deepening insights into crypto assets,” the Prime Minister added.
