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India is hoping to begin meaningful conversations on crypto regulations at the G20 summit

Indian Prime Minister Narendra Modi has called for global collaboration on formulating crypto regulations during the annual Group of 20 (G20) summit. As president of the G20, India has taken up the task of advocating for a comprehensive global framework for regulating cryptocurrencies.

The G20 comprises 19 countries and the European Union, representing the world’s major developed and emerging economies, and it leads international economic cooperation that plays a critical role in strengthening global architecture and governance on all major international economic issues.

During an interview with a local daily, Modi talked about the role of emerging technologies such as blockchain and cryptocurrency. Modi noted that the nature of such emerging technologies will have a global impact. Thus, the rules, regulations and framework around it should not belong to one country or a group of countries.

Modi cited the example of the aviation industry and said that, like the common rules and regulations governing air traffic control or air security, emerging technologies like cryptocurrency should also be regulated globally. He further added that India is doing its part in the crypto regulatory conversation.