Indian Prime Minister Strengthens Calls for Global Crypto Framework Ahead of G20

2023-8-28 13:15

The Prime Minister of India, Narendra Modi, has reiterated the need for unified crypto regulations ahead of the G20 Summit in Delhi. He likens common crypto rules to global aviation standards.

In the past year, the country has hosted seminars to understand how crypto works. It sought to expand its understanding of crypto from financial stability to macroeconomics.

G20 Needs to Be More Inclusive

Modi supports the inclusion of the African Union into the Group of 20 countries and, as such, wants to make them part of the crypto conversation. The hodgepodge of international frameworks has disadvantaged governments since exchanges responsible for the biggest crypto blowups gravitated towards regions with looser regulations.

Read here about how FTX collapsed after moving to the Bahamas.

“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.”

The G20 summit will take place in Delhi on Sept. 9 and Sept. 10.

Regulations Must Be Borderless Because Crypto Is

India’s presidency of the G20 summit positions it to lead global regulations. Minister of State for Finance Pankaj Chaudhary said at a gathering of finance ministers in February that common international laws make sense because crypto is borderless.

At the same gathering, Finance Minister Nirmala Sitharaman called for a unified approach.

“One country alone cannot do anything. That’s why we are discussing with every country whether we could frame a standard operating procedure.”

India’s crypto revenue growth | Source: Statista

India’s cryptocurrency revenues are expected to reach $3 billion in 2027.

The recent gathering of leaders from the economies of Brazil, Russia, India, China, and South Africa (BRICS) signaled a reframing of the new global order as countries look to counter Western influence.

Got something to say about India’s G20 role in shaping global crypto regulations or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

The post Indian Prime Minister Strengthens Calls for Global Crypto Framework Ahead of G20 appeared first on BeInCrypto.

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