India's Prime Minister Narendra Modi speaks during the third day of the three-day B20 Summit in New Delhi on August 27, 2023; Image: Sajjad Hussain/ AFP
India’s G20 Presidency in 2023 has led to strong advocating for a global crypto regulatory framework to be adopted. In fact, on August 1, India also put out a presidency note with its input on the proposed crypto framework. The suggestions align with guidelines from the Financial Stability Board (FSB), the Financial Action Task Force (FATF), and the International Monetary Fund (IMF).
India’s note included further suggestions surrounding developing economies in the crypto context. It was also announced that a ‘synthesis paper’ was to come jointly generated by the IMF and the FSB by the end of August, regarding the global macro implications related to crypto. Interestingly, the note came right before the G20 Summit is all set to commence on September 9, 2023.
Just as we near the end of August 2023, the Indian Prime Minister Narendra Modi has now called for a global framework on crypto, and also the ethical usage of technologies like AI, addressing the B20 Summit India 2023. He believes greatly in such a comprehensive global effort, as he iterated in an interview with Business Today.
PM Modi drew attention to the fast pace of technological advancements across the globe, which, in turn, almost demands a due consideration of not only crypto, but all emerging technologies, “The rapid pace of change of technology is a reality—there is no point in ignoring it or wishing it away. Instead, the focus should be on adoption, democratisation and a unified approach.”
As per PM Modi’s statement, he is in support of a global, unified approach when it comes to bringing in regulatory frameworks for emerging technologies including crypto and AI. As he says, “A global consensus-based model is needed, especially one which considers the concerns of the Global South. We can learn from the field of aviation. Be it air traffic control or air security, there are common global rules and regulations governing the sector.”
PM Modi further spoke of India’s G20 presidency and the efforts put into crypto conversations surrounding its implications in the broader macroeconomic context, especially in emerging and developing economies.
A global set of guidelines for crypto as the PM proposes has been something enthusiasts around the world have rallied for for a long time now, and watching it come to fruition would be revolutionary indeed.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash