Indian Prime Minister Narendra Modi has called upon the international community to join forces in creating a unified approach to regulating cryptocurrencies.
He emphasized that the control of this rapidly evolving technology should not be confined to a single nation or a specific group of countries.
Modi shared his insights during a speech at the Business 20 (B20) forum, which brings together business leaders from the G20 nations.
Rather than shying away from the rapid advancements in technology, Modi urged their integration and democratization.
In acknowledging the potential and challenges presented by emerging technologies like cryptocurrencies and artificial intelligence (AI), Modi highlighted the importance of using them in an ethical and responsible manner.
He further stressed that any regulations surrounding cryptocurrencies must be established through global consensus and cooperation, rather than being influenced solely by individual national or regional interests. In his words:
“The rules, regulations, and framework on this issue should not belong to one country or a group of countries. So all new technologies, not just crypto, need a global framework and regulation.”
Under India’s G20 presidency, the matter of cryptocurrencies has transcended the realm of financial stability and expanded to encompass their broader macroeconomic implications, especially concerning emerging markets and economies.
Throughout this presidency, productive seminars and discussions have been held to deepen understanding of crypto assets.
