B20 Summit 2023: PM Modi Urges Unified Global Framework for Cryptocurrency Regulation
At the B20 Summit held today, Indian Prime Minister Narendra Modi emphasized the necessity for a comprehensive international framework. The summit, bringing together business leaders and government representatives from the G20 countries, witnessed discussions on various global economic issues, with cryptocurrency taking centre stage in Modi’s address.
PM Modi articulated that the rapidly evolving landscape of cryptocurrencies requires an integrated approach to ensure their responsible usage while mitigating risks. He stressed the importance of collaboration among nations to develop a standardized regulatory framework that would facilitate the growth of cryptocurrencies without compromising on security and stability.
“Cryptocurrencies have the potential to reshape the financial world, and it is our duty to ensure that they function within a secure and accountable system,” Prime Minister Modi stated during his keynote speech. He highlighted the need to strike a balance between innovation and regulation. It promotes innovation to foster economic growth while safeguarding against potential misuse.
Modi’s push for a global framework found resonance with several other world leaders present at the summit. The discussions acknowledged that the decentralized nature of cryptocurrencies demands a coordinated effort to prevent regulatory arbitrage and cross-border illicit activities.
The Prime Minister also emphasized that India is committed to exploring the potential of blockchain technology. It underlies cryptocurrencies for various sectors, including supply chain management, finance, and healthcare. He emphasized that India is focusing on a “Digital India” initiative, wherein technologies like blockchain and cryptocurrencies can play a pivotal role.
The B20 Summit provided a platform for world leaders and business experts to share insights and best practices. This is fostering a collective effort toward responsible cryptocurrency integration.
As the summit concluded, there was a general consensus among attendees that a unified global framework would not only help harness the benefits of cryptocurrencies. Also safeguards against potential risks, ensuring a more stable and secure financial environment in the digital age.