G20 Summit; Indian Prime Minister Calls For Globally Shared Crypto Rules
At the G20 meeting, Indian Prime Minister Modi urges countries to create shared cryptocurrency rules, drawing from global advice and considering poorer nations.
Indian Prime Minister Narendra Modi wants countries to work together on rules for cryptocurrencies during a big international meeting called the G20. India, which is leading the G20 now, is pushing for these global rules.
The G20 is a group where big countries discuss important money issues. Right now, India is in charge of this group.
In an interview, Modi talked about new technologies like cryptocurrency. He believes that since these technologies affect everyone globally, no single country should decide the rules. He compared it to the aviation industry, where all countries follow similar rules for safety and management.
Modi mentioned that during India's leadership in the G20, they have talked a lot about cryptocurrencies. They want to understand its effects on the world, especially in poorer countries. They have also held many discussions and shared their thoughts on how to handle cryptocurrencies.
India's leadership has given suggestions on cryptocurrency rules. These ideas are based on advice from big international groups like the Financial Stability Board (FSB) and the International Monetary Fund (IMF). They also included extra ideas focusing on poorer countries.
Even though India is suggesting rules for the world, it has some problems with cryptocurrencies in its own country. They put a 30% tax on money made from cryptocurrencies in 2022. This high tax made many new cryptocurrency businesses leave and reduced trading in the country.
