G20 is the premier forum for international economic cooperation that plays a critical role in strengthening global architecture and governance on all major international economic issues.
with a local daily, the Indian PM talked about the role of emerging technologies such as blockchain and cryptocurrency. Modi noted that the nature of such emerging technologies will have an impact on the global scale. Thus, the rules, regulations and framework around it should not belong to one country or a group of countries.
Modi cited the example of the aviation industry and said just like air traffic control or air security have common global rules and regulations, emerging technologies like cryptocurrency should also see a worldly consensus. He further added that India is doing its part in the crypto regulatory conversation:
“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.”. The suggestions on the crypto framework were aligned with the guidelines written by the Financial Stability Board FSB, the Financial Action Task Force and the International Monetary Fund .
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