Narendra Modi, the Prime Minister of India, has called for a worldwide framework governing cryptocurrency, artificial intelligence, and emerging technologies. This call comes as the G20 summit is set to commence on September 8 in New Delhi.
Modi’s stance on this matter is clear: “Not only crypto, but all emerging technologies need a global framework and regulations.” He emphasizes the need for regulations on AI and emerging technologies.
As India spearheads the 2023 G20 summit, Modi highlights the country’s significant move in AI and digital public infrastructure (DPI). He insists that these regulatory measures should overcome national or regional boundaries and be globally applicable.
Highlighting the concerns of the Global South, a collective term encompassing emerging economies, the Prime Minister underscores the current discussions about cryptocurrencies, which are especially relevant to this group. “India’s G20 presidency expanded the crypto conversation beyond financial stability to consider its broader macroeconomic implications, especially for emerging markets and developing economies,” he said.
What Is G20?
The Group of Twenty (G20) comprises 19 nations and the European Union. It represents roughly 85% of the global GDP, over 75% of global trade, and around two-thirds of the world’s population.
India’s stance on cryptocurrencies in recent years has been consistently against them. The Governor of the Central Bank of India has labeled crypto a “significant threat” to the global financial system, accompanied by stringent tax regulations on crypto-related income.
Nonetheless, India has not hesitated to advance its Central Bank Digital Currency (CBDC), known as the E-Rupee. The pilot program for this digital currency, initiated in October 2022, has reportedly garnered increasing participation from various institutions.