The Indian Prime Minister Narendra Modi has recognized the unstoppable speed of technological progress and emphasized the need to embrace, democratize, and synchronize its use.
During an interview with Business Today, Indian Prime PM modi highlighted the essential need to create a comprehensive global framework for regulating cryptocurrencies. He recognized the inescapable rapid pace of technological advancement and stressed the importance of embracing, democratising, and harmonising its adoption. Furthermore, PM Modi stated, “There is no point in ignoring the current reality of technology’s rapid change, and we should focus on adopting, democratising, and taking a unified approach towards it.” He also emphasized that the rules, regulations, and frameworks for emerging technologies should not belong to any specific country or group of countries, and that all emerging technologies require global frameworks and regulations.
According to an exclusive interview with Business Today, Indian Prime Minister Narendra Modi has called for a unified approach to establish a comprehensive global framework for regulating emerging technologies. He emphasized the significance of regulations that go beyond individual nations or groups. PM Modi stated that a global consensus-based model is necessary, especially one that considers the concerns of the Global South. He highlighted the aviation field as an example, where global rules and regulations govern air traffic control and air security. “We should learn from the field of aviation”, he added.
India’s G20 Leadership and Focus on the Cryptocurrency Agenda
Pm Modi highlighted the efforts of India’s G20 presidency in addressing the topics of debt and crypto over the past nine months. He stated that the focus during India’s presidency was to understand the broader macroeconomic implications, especially for emerging markets and developing economies. Modi also added that the G20 reached a consensus on these topics and hosted seminars and discussions to deepen insights into crypto assets. The Indian prime minister had described the G20 presidency as a “catalytic agent” for a new global order.
In conclusion, Pm Modi’s call to establish an international regulatory framework for cryptocurrencies reflects India’s growing unease with the risks associated with virtual currencies. With India set to introduce its own legislation governing cryptocurrencies soon, it is clear that the country will remain at the forefront of regulatory developments in this rapidly expanding field. India’s G20 leadership sets the tone for other nations, and a comprehensive, unified approach to regulate emerging technologies is crucial to ensure that they do not pose a threat to global financial stability
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