At the recent Group of 20 (G20) summit, Indian Prime Minister Narendra Modi highlighted the need for worldwide cooperation in shaping regulations for cryptocurrencies. As the current President of the G20, India has taken on the responsibility of supporting a comprehensive global framework for governing digital currencies.
The G20, recognized as a superior platform for international economic collaboration, holds a pivotal role in strengthening the global economic structure and governance across major international financial matters. At present, India holds the respected G20 Presidency.
In an exclusive interview with Business Today, Prime Minister Modi delved into the role of emerging technologies, including blockchain and cryptocurrency. He also highlighted the far-reaching impact of such innovations on a global scale, emphasizing that the regulatory framework should not be confined to the jurisdiction of a single nation or a select group of countries.
Drawing an analogy with the aviation industry, Modi illustrated how universally accepted rules and regulations govern aspects like air traffic control and air security. He advocated for a similar global consensus for emerging technologies like cryptocurrency. Modi highlighted India’s proactive engagement in the ongoing discourse on crypto regulations:
India’s G20 presidency expanded the crypto conversation beyond financial stability to consider its broader macroeconomic implications, especially for emerging markets and developing economies. Our presidency also hosted enriching seminars and discussions, deepening insights into crypto assets.
During its G20 leadership, India unveiled a comprehensive stance on global cryptocurrency regulations, in line with established guidelines from key international bodies like the Financial Stability Board (FSB), the Financial Action Task Force (FATF), and the International Monetary Fund (IMF).
While demonstrating proactive global engagement, India’s domestic approach to crypto regulation remains complicated and includes a significant 30% tax imposition on cryptocurrency gains introduced in 2022, drawing a parallel to taxation in the gambling sector. Unfortunately, this move unintentionally triggered an exodus of emerging crypto firms and a noticeable reduction in crypto trading activities within the country.
Furthermore, in a recent report by Todayq News, it was found that India’s Ministry of Electronics and Information Technology plans to launch a national web browser. They have introduced the “Indian Web Browser Development Challenge,” encouraging developers to create a secure browser with a unique Controller of Certifying Authorities (CCA) India root certificate.
It always appears that the Indian government is actively engaged in shaping technology and cryptocurrency regulations, participating in global discussions like the G20. They endorse global crypto rules and emphasize the needs of developing economies.