In an exclusive interview with Business Today, Prime Minister Narendra Modi emphasized the importance of creating a comprehensive worldwide framework for regulating cryptocurrencies.
He acknowledged the unavoidably quick speed of technology development and emphasized how crucial it is to embrace, democratize, and coordinate its use.
"The rapid rate of technological development is a fact; there is no use trying to ignore it or wish it away. Instead, the emphasis should be on adoption, democratization, and a coordinated strategy, according to PM Modi.
"At the same time, the framework, rules, and laws governing it shouldn't belong to a single nation or a collection of nations. Therefore, a worldwide framework and laws are needed for all emerging technologies, not only cryptocurrency, he continued.
PM Modi pushed for a coordinated strategy in developing the laws, rules, and framework governing emerging technology. He emphasized that these laws should be cut across the boundaries of various nations or ethnic groupings.
"A global consensus-based paradigm is required, particularly one that takes the issues of the Global South into account. The aviation industry offers us lessons. There are universal norms and regulations that govern the industry, whether it is air traffic control or air security, according to PM Modi.
Cryptocurrency and India's G20 presidency
In highlighting India's nine-month G20 leadership, PM Modi noted that the debt and cryptocurrency agendas have received a lot of attention. According to him, attention is now on comprehending the wider macroeconomic ramifications.
"Over the last nine months, significant resources have been devoted to the debt and cryptocurrency agendas. The discourse about cryptocurrencies was broadened by India's G20 leadership to address its wider macroeconomic ramifications, particularly for emerging markets and developing countries, according to PM Modi.
"The G20 came to an agreement on these issues, directing standard-setting organizations accordingly. The Prime Minister continued, "Our presidency also held enlightening seminars and conversations, broadening insights into crypto assets.
