Indian PM Modi Pushes for Global Cryptocurrency Regulations at G20 Summit

“Indian Prime Minister Narendra Modi wants different countries to work together and make clear rules for cryptocurrencies during the yearly G20 meeting. We’ll also look at the problems and good things about having one set of rules for cryptocurrencies worldwide.”

Indian Prime Minister Narendra Modi has asked countries to work together to create rules for cryptocurrencies at the annual G20 summit. India is currently leading the G20 and is pushing for global guidelines on digital money.

The G20 is made up of 19 countries and the European Union, representing major economies worldwide. It’s a place where they talk about big economic issues together.

Modi talked about how technologies like blockchain and cryptocurrencies affect the whole world. He thinks that the rules for them should be the same everywhere, not just in one country. He compared it to how we have global rules for air travel and safety, saying cryptocurrencies should have similar worldwide rules.

India’s leadership in the G20 is making people think more about cryptocurrencies, especially in places that are still developing. India has been hosting talks and meetings to help people understand cryptocurrencies better.

In August, India shared its ideas about global crypto rules. They’re following guidelines from groups like the Financial Stability Board and the International Monetary Fund. They also think about how these rules will affect developing countries.

Interestingly, even though India wants global rules for cryptocurrencies, its own rules at home are a bit confusing and heavy on taxes. In 2022, India started taxing crypto profits at 30%, which led to some crypto companies leaving and less trading happening.