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PM Modi Calls for Global Crypto Rules at B-20 Summit

Key Takeaways
  • PM Modi calls for global crypto regulation at B-20 summit
  • Modi advocates for an integrated, international approach
  • Despite support, India maintains cautious crypto regulations
28-Aug-2023 By: Amogh Mishra
PM Modi Calls for Gl

India's PM calls for comprehensive cryptocurrency framework

Narendra Modi, the prime minister of India, backed the need for a comprehensive regulatory framework to address cryptocurrency-related challenges on the B-20 summit stage on August 27. To cope with challenges relating to cryptocurrencies, he added, "We need an integrated approach." This demonstrates India's support for and willingness to work with other countries in regulating the cryptocurrency markets.

During his speech at the B-20 conference, which was hosted by the Confederation of Indian Industry (CII), the prime minister also advocated for honoring "International Consumer Care Day" once a year and moving away from the existing practice of selling carbon credits to "green credit."

The problems posed by the bitcoin market and the need for maximal cooperation were also discussed by the prime minister in his speech. The use of cryptocurrency presents a hurdle. The best possible integrated strategy is required in this case. The prime minister stated, "I believe there is a need to develop a global framework that should protect the interests of all parties.

At the B-20 meeting, PM Modi addressed both business leaders and innovators and asked them to come up with ideas and solutions for problems like AI and cryptocurrencies.

Although Prime Minister Modi has expressed strong support for the cryptocurrency sector, it is unclear why cryptocurrencies in India are still considered to be a kind of gambling. Why, therefore, has the government erected so many regulatory barriers and taxes on inventors if innovation is valued in this field?

Until there is a well-established, regulated environment for cryptocurrencies to thrive, the goal may be to eliminate frauds linked to cryptocurrencies. The situation of the cryptocurrency business in India may soon alter as a result of this, perhaps in the near future.

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