Indian PM Modi recognizes the unavoidable fast growth of technology and emphasizes the need to accept, democratize, and harmonize its adoption.
He calls for a unified approach in mapping out the regulations, rules, and structure surrounding the developing technologies.
For many years now, India has always pushed for a global cryptocurrency framework despite the lack of regulatory clarity in its cryptocurrency ecosystem.
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Yesterday, August 27, Modi declared that there is a need for an integrated approach to handle the challenges regarding cryptocurrencies.
In an interview with a local news outlet, the Indian Prime Minister discussed the role of upcoming technologies like cryptocurrencies and blockchain.
Fast Facts
- During a G20 (Group of 20) summit, Modi, an Indian PM, advocated for a worldwide collaboration in forming cryptocurrency regulations.
- The G20 President Narendra Modi emphasized that the nature of cryptocurrencies and blockchain impacts the international level. As a result, the structure, regulations, and rules that surround it shouldn’t be in the hands of a particular country or Group of countries.
- Modi further said there is a need for a unified approach while deciding on the regulations, framework, and rules surrounding emerging technologies.
- However, these rules should transcend the scope of individual countries or groups, stressed Modi. According to him, what is required is a global consensus-based structure that especially considers the Global South concerns,
- In addition, the Indian Prime Minister declared that there is a need for a global structure that can guarantee the ethical usage of AI (Artificial Intelligence). He further highlighted the concerns over algorithmic bias and its destructive effect on society.
- Meanwhile, the ramifications for the economy and industry are under intensive examination. Moreover, the Group of 20 nations has agreed and sent directives to the appropriate regulatory bodies.
What’s Happening In Crypto Today?
As of this writing, Bitcoin is trading at $25,918.63, with a drop in market cap by 0.56% and an increase in trading volume by 41.40%.
On the side of Ethereum, it is presently trading at $1,636.77, with a drop in market cap by 0.91% and an increase in trading volume by trading volume by 58.59%.
- Meanwhile, Tether is currently trading at $0.9993, with a drop in market cap by 0.05% and an increase in trading volume by 38.08%.
- BNB is currently trading at $ 216.63, with a drop in market cap by 0.27% and an increase in trading volume by 51.66%.
- XRP is currently trading at $0.5155, with a drop in market cap by 2.38% and an increase in trading volume by 41.38%.
