Underlining the accelerated growth of technology, Prime Minister Narendra Modi has emphasized the importance of adopting and harmonizing these advancements globally. In a recent interaction, PM Modi took the opportunity to discuss the ever-growing realm of cryptocurrencies.
Modi’s Call for Global Consensus
“Hence, recognizing the rapid transformation technology undergoes, ignoring or wishing it away isn’t an option,” he shared. Additionally, he shed light on how the world needs a unified approach to regulations. He advocated for rules that transcend geographical boundaries, avoiding a singular, nation-focused perspective.
PM Modi on Crypto regulation : pic.twitter.com/WCw1btSjic
— Wise Advice By Sumit Kapoor (@sumitkapoor16) August 27, 2023
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Besides considering a national or regional view, PM Modi articulated the need for a global consensus-based model.
“We can learn from the field of aviation. Moreover, just as air traffic control and air security have global standards, emerging technologies need their global rulebook,” he asserted.
India’s G20 Presidency: Zooming into Crypto
Under India’s helm at the G20 presidency, the discourse on cryptocurrency has been elevated beyond mere financial stability concerns. Consequently, the G20 body has reached a consensus, guiding standard-setting entities. Besides offering leadership, India’s presidency enriched the global dialogue through insightful seminars, shedding light on the multifaceted world of crypto assets.
Furthermore, the Prime Minister acknowledged the enriching seminars and discussions hosted during India’s presidency. These interactions, he believes, have not only deepened the understanding of crypto assets but also highlighted their broader macroeconomic implications.
As technology evolves rapidly, leaders like PM Modi are steering the conversation towards a more collaborative and inclusive approach. With the world watching, the decisions made now will pave the way for the future of cryptocurrencies and other emerging technologies.
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