PM Modi Backs Rules for Crypto, Says There’s No Point in Ignoring Technology

PM Modi noted that technologies must be democratised and adopted with a unified approach rather than being overlooked.

PM Modi Backs Rules for Crypto, Says There’s No Point in Ignoring Technology

Photo Credit: Reuters

Formulating crypto rules has been among India’s top agendas under its G20 Presidency

  • India’s update on crypto rules may arrive around December
  • PM Modi believes the rules should be uniform for all nations
  • PM Modi said lot of energy channelised to make crypto rules

Prime Minister Narendra Modi has stressed that a comprehensive set of rules are necessary govern the crypto sector. PM Modi, during an exclusive interview with Business Today said that it is only wise to keep up pace with advancements in the technological sector. The regulation of cryptocurrencies has been among India's top agendas as part of its ongoing G20 Presidency that is scheduled to culminate in December this year. India's finance ministry as well as the Reserve Bank of India (RBI) also deem it important that crypto activities are officially governed.

PM Modi, during his interview, noted that technologies must be democratised and adopted with a unified approach rather than being overlooked.

Talking about the cryptocurrency sector, PM Modi strongly advocated a global consensus-based model that would keep the foundational rules for the sector same for all countries.

“The rapid pace of change of technology is a reality—there is no point in ignoring it or wishing it away,” India Today quoted PM Modi as saying. “At the same time, the rules, regulations and framework around it should not belong to one country or a group of countries. So not only crypto, but all emerging technologies need global regulations.”

India has been working on making internationally workable rules for the crypto sector, taking suggestions and feedback from other G20 nations for the last nine months now.

Global financial institutions like the International Monetary Fund (IMF) and the Financial Stability Board (FSB) are also helping India and the other G20 nations come up with appropriate rules that would oversee the crypto sector on an international level.

PM Modi, in his interview, also acknowledged that a lot of energy and efforts have indeed been channelled into addressing crypto agendas.

“India's G20 presidency expanded the crypto conversation beyond financial stability to consider its broader macroeconomic implications, especially for emerging markets and developing economies. The G20 reached a consensus on these matters, guiding standard-setting bodies accordingly,” PM Modi added.

On August 1, India posted a presidency note on crypto, giving a status update on the crypto laws work.

Ajay Seth, a senior official of the Indian Finance Ministry had said in July that while major rules for crypto and Web3 are currently under discussions, there is some oversight monitoring the sector.

These include income tax framework for VDAs, the Indian Computer Emergency Response Team (CERT-IN) guidelines to ensure compliance of VDA service providers, the ASCI guidelines for responsible advertising, and the latest inclusion of VDA service providers in the Prevention of Money Laundering Act (PMLA) recognising them as reporting entities

Is the Samsung Galaxy Z Flip 5 the best foldable phone you can buy in India right now? We discuss the company's new clamshell-style foldable handset on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at More
Vivo V29e With 50-Megapixel Selfie Camera, 44W Fast Charging Launched in India: Price, Specifications
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News


Follow Us


© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »