Indian Prime Minister Narendra Modi urged the international community to develop a common framework for the regulation of cryptocurrencies and said that this technology should not be controlled by a single country or a group of countries.
Speaking at the Business 20 (B20), a forum for business leaders from G20 countries, Modi stated that the rapid pace of technological change should not be ignored or set aside, but rather embraced and democratized.
Highlighting the challenges and opportunities created by emerging technologies such as cryptocurrencies and artificial intelligence (AI), Modi called for their ethical and responsible use.
He added that all regulations regarding cryptocurrencies should be based on global consensus and cooperation rather than national or regional interests:
“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.
India's G20 presidency has taken the issue of cryptocurrencies beyond the dimension of financial stability, taking into account its broader macroeconomic implications, particularly for emerging markets and emerging economies. Our Presidency has also hosted enriching seminars and discussions that deepen insights into crypto assets.”
*Not investment advice.