PM Modi Advocates Global Crypto and Ethical Tech Framework at B20 Summit
India’s G20 presidency in 2023 has resulted in substantial advocacy for the adoption of a worldwide crypto regulatory framework. In reality, on August 1, India issued a presidency note outlining its thoughts on the proposed crypto architecture. The recommendations are consistent with the Financial Stability Board (FSB), the Financial Action Task Force (FATF), and the International Monetary Fund (IMF) principles.
India’s note contained additional ideas regarding developing economies in the context of cryptocurrency. It was also stated that the IMF and the FSB would produce a’synthesis paper’ on the global macro implications of cryptocurrency by the end of August. Surprisingly, the memo arrived just days before the G20 Summit, which is scheduled to begin on September 9, 2023.
Addressing the B20 Summit India 2023, Indian Prime Minister Narendra Modi has now called for a global framework on crypto, as well as the ethical use of technologies such as AI. As he stated in an interview with Business Today, he believes strongly in such a broad worldwide endeavour.
PM Modi called attention to the rapid rate of technical breakthroughs around the world, which nearly necessitates that not only crypto, but all emerging technologies, be given proper consideration. “The rapid pace of technological change is a reality; there is no point ignoring it or wishing it away.” Instead, the emphasis should be on adoption, democratisation, and unification.”
According to PM Modi’s remark, he supports a global, unified approach to implementing legal frameworks for new technologies such as cryptocurrency and artificial intelligence. “A global consensus-based model is required,” he argues, “particularly one that takes into account the concerns of the Global South.” We can learn from the aviation industry. There are global laws and regulations that regulate the sector, whether it is air traffic control or air security.”
PM Modi also discussed India’s G20 presidency and the efforts made to engage in crypto talks about its implications in the broader macroeconomic backdrop, particularly in emerging and developing economies.
A global set of crypto standards, as proposed by the PM, has long been a goal of crypto enthusiasts around the world, and seeing it realised would be revolutionary.
Keywords: PM Modi, Crypto, bitcoin