The crypto industry is growing at a high speed. Prime Minister of India couldn’t deny but acknowledge the rapidly growing technologies, and the importance of democratizing them. In an exclusive interview with Business Today, PM Narendra Modi put emphasis on the need to establish a comprehensive global crypto framework. This will help to regulate cryptocurrencies.
The Indian Prime Minister recognized the rapid pace of technological advancement. Therefore, underscoring the importance of embracing and harmonizing it.
The PM Modi stated in an interview that the technology is changing rapidly. Therefore, there is no point in denying it. Therefore it is time to accept, embrace, and democratize, and take a unified step. He further added, that the rules and regulations must not belong to one country, but the world as a whole. Therefore, not only the crypto sector, but all the emerging technologies require a global regulatory framework.
PM Modi states that a global consensus model is the need of the hour. Especially, the Global South. The aviation industry is the primary example. Air security and air traffic follow common global rules and regulations.
In the interview, PM Modi highlights the journey of India’s G20 presidency over the last 9 months. He says that a lot of effort has been channeled into crypto agendas. The focus shifted to understanding the wider macroeconomic impacts, especially for developing countries, and emerging markets.
“In the past nine months, vast efforts and energy have been channeled into debt and crypto agendas. India’s G20 presidency expanded the crypto conversation beyond financial stability to consider its broader macroeconomic implications, especially for emerging markets and developing economies,” PM Modi said.
He further adds, “The G20 reached a consensus on these matters, guiding standard-setting bodies accordingly. Our presidency also hosted enriching seminars and discussions, deepening insights into crypto assets.”
India is embracing crypto adoption. Let’s see, how the global community responds.