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India G20 Summit: Prime Minister Modi Calls for Global Crypto Regulation Framework

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210 Listen to this article In a significant development at the G20 summit, Indian Prime Minister Narendra Modi called for […]

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In a significant development at the G20 summit, Indian Prime Minister Narendra Modi called for the Global Crypto Regulation Framework to regulate cryptocurrencies. Addressing world leaders and financial experts, Prime Minister Modi emphasized the need for coordinated efforts to address the challenges posed by the rapidly evolving cryptocurrency landscape.

The G20 summit, a gathering of the world’s major economies, provided an ideal platform for discussions surrounding digital currencies and their potential impact on the global financial system. Prime Minister Modi’s call for a unified approach to crypto regulation drew attention and ignited discussions among participating leaders.

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India G20 Presidency and Crypto Agenda

In his keynote address, Prime Minister Modi highlighted the potential benefits and risks associated with cryptocurrencies. He acknowledged the innovative potential of blockchain technology underlying these digital assets but also expressed concerns about their potential misuse, including money laundering, fraud, and financing illegal activities. To effectively manage these challenges, he stressed the importance of collaborative efforts on a global scale.

We are at a crossroads where the world is witnessing the rapid proliferation of cryptocurrencies. While these innovations hold immense promise, they also pose significant risks that cannot be ignored. It is imperative that we, as responsible members of the global economy, come together to create a framework that ensures the integrity of financial systems and protects the interests of our citizens,” stated Prime Minister Modi during his address.

The Indian Prime Minister proposed a four-pillared approach to crypto regulation that he believed would strike a balance between fostering innovation and safeguarding financial systems. The foundational principles encompass:

  1. Transparency and Accountability: Prime Minister Modi emphasized the need for transparent practices within the crypto industry. He proposed that all crypto transactions should be traceable and subject to stringent anti-money laundering (AML) and know-your-customer (KYC) protocols.
  2. Consumer Protection: To safeguard the interests of investors and users, the Indian Prime Minister called for regulations that ensure proper disclosure of risks associated with cryptocurrency investments. He stressed the importance of protecting vulnerable individuals from falling victim to fraudulent schemes.
  3. International Cooperation: Recognizing the borderless nature of cryptocurrencies, Prime Minister Modi urged nations to collaborate closely on crypto regulation. He proposed the creation of an international body that would facilitate information exchange and cooperation among regulators from different countries.
  4. Innovation and Development: While emphasizing the need for regulation, Prime Minister Modi also highlighted the importance of nurturing innovation in the blockchain and cryptocurrency space. He suggested setting up sandboxes and regulatory environments that encourage responsible experimentation.
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The response from other world leaders was mixed, with some expressing support for Prime Minister Modi’s call for a global framework, while others voiced concerns about overregulation stifling innovation. The discussions that followed his address reflected the complexity of the issue and the divergent views among nations regarding the approach to cryptocurrency regulation.

As the G20 summit continued, discussions on the future of cryptocurrencies remained at the forefront. While no immediate decisions were reached, Prime Minister Modi’s proposal served as a catalyst for further dialogue and consideration of a coordinated approach to crypto regulation.

Read Also: G20 Summit: India Hopes For Common Template For Regulating Cryptocurrency

In conclusion, Indian Prime Minister Narendra Modi’s call for a global framework to regulate cryptocurrencies at the G20 summit has ignited conversations about the future of digital currencies on an international scale. The proposal acknowledges the potential benefits of cryptocurrencies while emphasizing the importance of addressing associated risks through collaborative efforts. As the world navigates the evolving landscape of digital finance, the discussions spurred by Prime Minister Modi’s proposal are likely to have far-reaching implications for the global economy.

FAQ’s

Q1: Is cryptocurrency legal in India?

Yes, cryptocurrency is legal in India. However, it is not legal tender, which means that it cannot be used to pay for goods and services. You can still own, trade, and invest in cryptocurrencies in India. The government of India is still in the process of developing a regulatory framework for cryptocurrencies. It is possible that the government will impose further restrictions on cryptocurrency in the future. If you are considering investing in cryptocurrency, it is important to do your research and understand the risks involved. Cryptocurrency is a volatile asset and its prices can fluctuate wildly. There is also the risk of fraud and scams.

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Q2: Can I invest in crypto in India?

Yes, you can invest in crypto in India. The Reserve Bank of India (RBI) lifted the ban on cryptocurrency exchanges in 2020. However, cryptocurrency is not legal tender in India, which means that it cannot be used to pay for goods and services.
Here are some of the risks of investing in cryptocurrency in India:
1) Volatility: The prices of cryptocurrencies can fluctuate wildly, which means you could lose money if you sell at the wrong time.
2) Fraud and scams: There have been a number of fraud and scams involving cryptocurrencies in India. Be careful who you buy from and make sure you understand the risks before investing.
3) Lack of regulation: Cryptocurrency is not regulated by the government of India, which means there is no one to protect you if you lose money.
If you are considering investing in cryptocurrency, it is important to do your research and understand the risks involved. You should also consult with a financial advisor to get personalized advice.

Q3: Is crypto taxable in India?

Yes, cryptocurrency is taxable in India. The government of India has imposed a 30% tax on gains from cryptocurrencies. This tax applies to both short-term and long-term gains. Short-term gains are gains from the sale of cryptocurrencies that have been held for less than 36 months. Long-term gains are gains from the sale of cryptocurrencies that have been held for more than 36 months.

Q4: Which is best cryptocurrency in India?

The best cryptocurrency in India is the one that best suits your investment goals and risk tolerance. Some of the most popular cryptocurrencies in India include:
1) Bitcoin (BTC)
2) Ethereum (ETH)
3) Tether (USDT)
4) Binance Coin (BNB)
5) Cardano (ADA)

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Q5: How much is 1 cryptocurrency in India?

The price of 1 cryptocurrency in India varies depending on the cryptocurrency you are referring to. As of August 28, 2023, 1 Bitcoin (BTC) is worth ₹2,159,715.82 INR, 1 Ethereum (ETH) is worth ₹22,678.48 INR, and 1 Tether (USDT) is worth ₹1 INR.

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