May 20, 2024
Latest Cryptocurrency News

Indian Prime Minister Modi Urges Global Crypto Framework During G20 Summit

India, although grappling with its own intricate crypto landscape, has been a longstanding proponent of a worldwide cryptocurrency regulatory structure and simplified taxation.

Indian Prime Minister Narendra Modi, in his role as the leader of the G20, has voiced the need for international collaboration in crafting regulations for cryptocurrencies during the annual G20 summit. The G20, comprised of 19 nations and the European Union, represents major developed and emerging economies worldwide. It holds a pivotal role in enhancing global governance and architecture for significant international economic matters.

Modi, in an interview with a local publication, underscored the significance of emerging technologies like blockchain and cryptocurrencies, emphasizing their global implications. He contended that the regulatory framework for these technologies should not be confined to a single nation or group of nations, drawing parallels with the aviation sector, which operates under shared global rules and regulations for air traffic control and security. India, he stated, is actively participating in the international discourse on crypto regulation.

Under India’s G20 presidency, discussions regarding cryptocurrencies expanded beyond financial stability to encompass their broader macroeconomic impacts, especially on emerging markets and developing economies. India’s presidency facilitated informative seminars and discussions that enriched the understanding of crypto assets.

On August 1, India issued a presidential note outlining its perspective on the global crypto framework. These suggestions align with the guidelines proposed by the Financial Stability Board, the Financial Action Task Force, and the International Monetary Fund, with a particular focus on the concerns of developing economies.

It’s noteworthy that India’s advocacy for a global cryptocurrency framework persists, even as its domestic crypto regulatory environment remains intricate, ambiguous, and subject to high taxation. The country imposed a 30% tax on cryptocurrency gains in 2022, leading to a substantial exodus of burgeoning crypto firms and a significant downturn in crypto trading activity.

Image by Sambeet D from Pixabay

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