Prime Minister Narendra Modi has stressed the need for a comprehensive set of rules to govern the cryptocurrency industry. In an exclusive interview with Business Today, Prime Minister Modi said it would be wise to keep pace with advancements in the technological field. Cryptocurrency regulation has been one of the top agenda items in India as part of its G20 presidency, which is scheduled to culminate in December this year. India’s finance ministry and the Reserve Bank of India (RBI) also see formal regulation of cryptocurrency activities as important.
In an interview, Prime Minister Modi stated that technology must be democratized and adopted in a unified manner, not ignored.
When it came to the cryptocurrency industry, Prime Minister Modi strongly advocated for a global consensus-based model that would align the basic rules of the industry across all countries.
“Technology is changing every day is a reality – there is no point in ignoring it or wishing it away,” India Today lead Prime Minister Modi said so. “At the same time, the rules, regulations and framework around it should not belong to one country or group of countries. Therefore, not only cryptocurrencies, but all emerging technologies need global regulation.”
India has been working to develop internationally workable rules for the crypto industry, taking advice and feedback from other G20 countries over the past nine months.
Global financial institutions such as the International Monetary Fund (IMF) and the Financial Stability Board (FSB) are also helping India and other G20 countries put in place proper rules to oversee the cryptocurrency industry at an international level.
Prime Minister Modi also admitted in an interview that a lot of energy and efforts have indeed been put into addressing the encryption agenda.
During India’s G20 presidency, the topic of cryptocurrencies has been expanded beyond financial stability to consider its wider macroeconomic impact, especially on emerging market and developing economies. The G20 reached consensus on these issues and guided standard-setting bodies accordingly. ’ added Prime Minister Modi.
August 1, India release Presidential Note on Cryptocurrencies, providing an update on the status of legal work on cryptocurrencies.
Breaking:rotating_light:: India:flag-in: as G20 Head of State, is spearheading harmonized global regulations #cryptocurrency assets.
The presidential note shared below has the potential to redefine encryption regulations around the world. :fire:
Here’s everything you need to know about :thread::point_down: pic.twitter.com/OxL8JzFqsy
— KoinX (@KoinXOfficial) August 3, 2023
Ajay Seth, a senior official at India’s finance ministry, said in July that while major rules for cryptocurrencies and Web3 are currently being discussed, the industry is still subject to some regulation.
These include the VDA income tax framework, the Computer Emergency Response Team of India (CERT-IN) guidelines to ensure compliance of VDA service providers, ASCI guidelines for responsible advertising and the latest inclusion of VDA service providers in the Prevention of Money Laundering Act (PMLA) recognizing them as reporting entity
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