• Indian Prime Minister Narendra Modi emphasized the need for a global framework and regulations for cryptocurrencies during the G20 Summit.
• He suggested that adoption, democratization, and a unified approach should be prioritized.
• The G20 has reached a consensus and issued directives to relevant regulatory bodies in order to deepen understanding of crypto assets.
Indian Prime Minister Advocates Global Crypto Regulations
Indian Prime Minister Narendra Modi has called for an international framework and regulations pertaining to cryptocurrencies at the G20 Summit. Modi believes that ignoring or wishing to suppress technological change is futile; rather, efforts should focus on adoption, democratization, and unity across nations. The directives from the G20 are meant to help deepen understanding of crypto assets.
Prior Resistance From Indian Banks
Before this announcement by Modi, India had experienced resistance from its banks when it came to cryptocurrency trading. Should this move towards regulation be successful, it would be a noteworthy milestone for India’s entry into cryptocurrency trading.
Positive Outlook on Crypto and AI Regulations
Modi also spoke positively about both crypto and artificial intelligence (AI) regulations, championing rationalizing the entire landscape while stressing that rules should not be confined to just one country or group of countries. He compared this effort with those taken by the aviation industry with regards to establishing global standards.
Consensus Reached By G20
The G20 have reached an agreement on how best to respond in terms of regulatory bodies in order to further their knowledge about crypto assets – something which was discussed during India’s presidency at the summit this year..
Ultimately, Modi’s stance on cryptocurrency shows his bullish sentiment towards its potential – suggesting that India will soon enter into cryptocurrency trading if all goes well with their proposed regulations. The agreements made by the G20 regarding regulatory bodies serve as further evidence of this optimism towards virtual currency investments globally.