Ahead of the G20 Leaders’ Summit next month in New Delhi, Indian Prime Minister Narendra Modi spoke about the need for a unified approach to cryptocurrencies.
“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, democratization, and a unified approach,” he said in an interview with India Today.
Earlier this month, in the capacity of G20 President, India presented a Presidency Note on the Roadmap on Establishing a Global Framework for Crypto Assets.
“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,” the Indian Prime Minister stressed.
The note will be considered as an input to the synthesis paper prepared by the Financial Stability Board (FSB), International Monetary Fund (IMF), and Bank for International Settlements (ISB). The FSB submitted its proposed guidelines for the global crypto framework in July.
“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,” he described.
