Indian Prime Minister Modi Advocates for Worldwide Cryptocurrency Standards at G20 Meeting
Indian Prime Minister Narendra Modi has called for a global collaboration to establish regulations around cryptocurrency use. The call was made during the Group of 20 (G20) economic summit, under India's presidency.
Modi drew parallels with industries such as aviation, which abide by an international set of regulations. He emphasized similarly for cryptocurrencies and blockchain technologies, suggesting that a global consensus is necessary. The nature of these burgeoning technologies, he noted, is not confined to one country, and thus, there should be universally accepted regulations in place.
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This isn't the first instance of India advocating for a worldwide framework for cryptocurrencies. However, inconsistencies remain within India's own regulatory relationships with the crypto market, marked by complexities and high taxation.
In an interview with a local daily, Modi elaborated on the international responsibility India holds as the G20's president. By expanding the conversation beyond financial stability, India aims to consider the broader macroeconomic implications of cryptocurrency technology, especially concerning emerging markets and developing economies.
India, currently in its G20 presidency, has already made significant contributions towards guiding the global cryptocurrency regulation conversation. For instance, a presidency note outlining India's input on the proposed cryptocurrency framework has been released. The release is aligned with guidelines from authorities such as the Financial Stability Board (FSB), the Financial Action Task Force (FATF), and the International Monetary Fund (IMF), with additional emphasis on the needs of developing economies.
Despite leading the discourse on global cryptocurrency regulation, India has established a 30% tax on cryptocurrency gains back home in 2022. This has been likened to the country's taxation on gambling, and the high rate has caused a decrease in crypto trading activity and an exodus of emerging cryptocurrency companies from the country.
Modi's call for globalized standards continues India's advocacy for international regulations on cryptocurrencies, highlighting the country's active role in shaping the future of global digital assets.
