Indian Prime Minister Narendra Modi has called for a global framework on cryptocurrency, artificial intelligence (AI), and other emerging technologies.
Crypto and AI Needs Global Framework and Regulations
Indian Prime Minister Narendra Modi has called for a global framework on cryptocurrency, artificial intelligence (AI), and other emerging technologies.
Modi, who will be hosting the G20 meeting starting on September 8 in New Delhi, stated that a worldwide regulatory framework was required for all emerging technology, including cryptocurrencies.
Modi noted that India is “taking huge leaps in the fields of AI and DPI [digital public infrastructure]”, but that the rules and regulations “should not belong to one country or a group of countries”.
The demands of the growing economies in the Global South were also emphasized by the prime minister. The European Union and 19 other countries that make up the Group of Twenty (G20) account for around 85% of the world's GDP.
The governor of the Central Bank of India calling crypto a "big threat" to the global financial system and strict taxation on crypto gains are just two examples of India's anti-crypto stance in recent years. Although a trial scheme would be introduced in October 2022, the country has not refrained from building its Central Bank Digital Currency (CBDC), the E-Rupee.
