India’s Call for Global Crypto Regulation: Advocating Consensus and Clarity
Indian Prime Minister Narendra Modi has emphasized the need for a global collaboration on formulating cryptocurrency regulations. During the G20 summit, Modi highlighted the impact of emerging technologies like blockchainThink of blockchain as a digital ledger that records transactions in a transparent, tamper-proof way. It's a chain of transaction blocks linked chronologically. and cryptocurrency on a global scale. He emphasized that the rules and regulations surrounding these technologies should have a worldwide consensus, similar to the common global rules and regulations in the aviation industry. India, as the current G20 President, has expanded the crypto conversation beyond financial stability to consider its broader macroeconomic implications, especially for emerging markets and developing economies. The country has provided input aligned with international guidelines, such as those from the Financial Stability Board, the Financial Action Task Force, and the International Monetary Fund. While India advocates for a global crypto framework, the regulatory environment within the country still faces complexities, lack of clarity, and high taxations, which have led to challenges for crypto companies and a decline in trading activity.
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