Indian Prime Minister Narendra Modi has made a strong plea to the global community, urging them to work together in establishing a unified framework for the regulation of cryptocurrencies.

He emphasized that this rapidly evolving technology should not fall under the control of any single nation or a select group of nations.

Modi shared his thoughts during the Business 20 (B20) summit, which gathers business leaders from G20 countries to discuss various economic and technological matters.

In his address, he stressed the importance of embracing and democratizing the swift technological advancements taking place worldwide.

The Prime Minister highlighted the both the potential and the challenges brought about by emerging technologies like cryptocurrencies and artificial intelligence (AI).

He called for their usage to be both ethical and responsible, considering the broader impact they can have on society.

Furthermore, Modi asserted that any regulations concerning cryptocurrencies must be crafted based on a consensus reached on the global stage, rather than reflecting solely national or regional interests. He articulated this stance as follows:

“The rules, regulations and framework on this issue should not belong to one country or a group of countries. So all new technologies, not just crypto, need a global framework and regulation.”

India, as the current holder of the G20 presidency, has extended its perspective on cryptocurrency beyond its financial implications.

The nation is keen on exploring the wider macroeconomic effects, particularly concerning emerging markets and economies.

Throughout its presidency, India has fostered insightful discussions and seminars to gain a deeper understanding of crypto assets.