Indian Prime Minister Narendra Modi has advocated for global collaboration on cryptocurrency regulations during the annual G20 summit. As the president of the G20, India has been pushing for a comprehensive global framework for regulating cryptocurrencies.
Modi noted that emerging technologies like blockchain and cryptocurrency will have a global impact, and thus, the rules, regulations, and framework around them should not belong to one country or a group of countries. He compared the need for global cryptocurrency regulations to common rules and regulations governing the aviation industry.
India has been advocating for a global crypto framework for some time, despite its own domestic crypto regulatory environment being unclear and complex, with high taxation.
The country imposed a 30% tax on crypto gains in 2022, leading to a mass exodus of budding crypto companies and a sharp decline in crypto trading activity.
Nonetheless, India has been actively contributing to the global conversation on crypto regulation, aligning its suggestions with guidelines from the Financial Stability Board, the Financial Action Task Force, and the International Monetary Fund, while also considering the broader macroeconomic implications, especially for emerging markets and developing economies.
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