var TRINITY_TTS_WP_CONFIG={“cleanText”:”India PM calls for global digital currency regulation at annual G20 summit.u23f8Indiau2019s Prime Minister Narendra Modi has urged global regulators to remain resolute in establishing uniform standards for the digital currency industry.u23f8In anu00a0interviewu00a0with Business Today, Modi revealed that digital assets are now part of the global financial system, noting that u201cthere is no point in ignoring it or wishing it away.u201d Rather than turning a blind eye to the asset class, Modi wants global regulators to be focused on adoption and a unified approach to regulation.u23f8Modi noted that individual nations cannot singlehandedly regulate digital assets as a result of the borderless nature of the asset class. The Prime Minister cited the global standards of the aviation sector as an example for stakeholders inu00a0digital currencies to adopt rather than regulate in silos.u23f8u201cA global consensus-based model is needed, especially one which considers the concerns of the Global South,u201d said Modi. u201cWe can learn from the field of aviation. Be it air traffic control or air security, there are common global rules and regulations governing the sector.u201du23f8Since November 2022, India has been spearheadingu00a0the establishment of a global frameworku00a0for digital assets via its tenure asu00a0G20u00a0President.u23f8Under Indiau2019s tenure, central banks and finance ministers of member countries have reached a consensus on key issues regarding digital currency regulations, paying significant attention to the macroeconomic implications of their widespread use.u23f8Previous meetings in the first and second quarters of 2023 saw the G20 finance ministers receive inputs from theu00a0International Monetary Fundu00a0(IMF),u00a0the Bank for International Settlementsu00a0(BIS), andu00a0the Financial Stability Boardu00a0(FSB).u23f8With au00a0consensusu00a0reached by G20 nations on digital currency regulation, the next phase for India is execution, but several factors stand in the way, including the lack of a home-based legal framework for digital assets in India.u23f8u201cWe havenu2019t stopped at ideating on how we should move ahead,u201d said Modi. u201cWe have also come up with tangible details on the way ahead and how quickly we need to move. So, our road map is detailed and action-oriented.u201du23f8India rules the local industry with an iron fistu23f8On the homefront, Indiau2019s local digital currency space has received opposition from regulators, with the latest being the imposition of harsh tax regimes.u23f8Currently, digital asset investors are saddled with a 30% tax burden on gains in addition to a 1% tax deductible at source (TDS) on each transaction. Attempts tou00a0lessenu00a0the tax requirement by industry stakeholders have been disregarded, with critics noting that the Indian government intends to tax the industry u201cto death.u201du23f8Early in the year, Indiau2019s central bank governor,u00a0Shaktikanta Das, likened digital currencies tou00a0gambling, calling for a nationwide ban on the asset class.u23f8Watch BSV Stories – Episode 8: Blockchain ticks all the boxes for Indiau2019s thriving e-commerce marketu23f8″,”headlineText”:”India PM calls for global digital currency regulation at annual G20 summit”,”articleText”:”Indiau2019s Prime Minister Narendra Modi has urged global regulators to remain resolute in establishing uniform standards for the digital currency industry.u23f8In anu00a0interviewu00a0with Business Today, Modi revealed that digital assets are now part of the global financial system, noting that u201cthere is no point in ignoring it or wishing it away.u201d Rather than turning a blind eye to the asset class, Modi wants global regulators to be focused on adoption and a unified approach to regulation.u23f8Modi noted that individual nations cannot singlehandedly regulate digital assets as a result of the borderless nature of the asset class. The Prime Minister cited the global standards of the aviation sector as an example for stakeholders inu00a0digital currencies to adopt rather than regulate in silos.u23f8u201cA global consensus-based model is needed, especially one which considers the concerns of the Global South,u201d said Modi. u201cWe can learn from the field of aviation. Be it air traffic control or air security, there are common global rules and regulations governing the sector.u201du23f8Since November 2022, India has been spearheadingu00a0the establishment of a global frameworku00a0for digital assets via its tenure asu00a0G20u00a0President.u23f8Under Indiau2019s tenure, central banks and finance ministers of member countries have reached a consensus on key issues regarding digital currency regulations, paying significant attention to the macroeconomic implications of their widespread use.u23f8Previous meetings in the first and second quarters of 2023 saw the G20 finance ministers receive inputs from theu00a0International Monetary Fundu00a0(IMF),u00a0the Bank for International Settlementsu00a0(BIS), andu00a0the Financial Stability Boardu00a0(FSB).u23f8With au00a0consensusu00a0reached by G20 nations on digital currency regulation, the next phase for India is execution, but several factors stand in the way, including the lack of a home-based legal framework for digital assets in India.u23f8u201cWe havenu2019t stopped at ideating on how we should move ahead,u201d said Modi. u201cWe have also come up with tangible details on the way ahead and how quickly we need to move. So, our road map is detailed and action-oriented.u201du23f8India rules the local industry with an iron fistu23f8On the homefront, Indiau2019s local digital currency space has received opposition from regulators, with the latest being the imposition of harsh tax regimes.u23f8Currently, digital asset investors are saddled with a 30% tax burden on gains in addition to a 1% tax deductible at source (TDS) on each transaction. Attempts tou00a0lessenu00a0the tax requirement by industry stakeholders have been disregarded, with critics noting that the Indian government intends to tax the industry u201cto death.u201du23f8Early in the year, Indiau2019s central bank governor,u00a0Shaktikanta Das, likened digital currencies tou00a0gambling, calling for a nationwide ban on the asset class.u23f8Watch BSV Stories – Episode 8: Blockchain ticks all the boxes for Indiau2019s thriving e-commerce marketu23f8″,”metadata”:{“author”:”Wahid Pessarlay”},”pluginVersion”:”5.7.0″}; |
India’s Prime Minister Narendra Modi has urged global regulators to remain resolute in establishing uniform standards for the digital currency industry.
In an interview with Business Today, Modi revealed that digital assets are now part of the global financial system, noting that “there is no point in ignoring it or wishing it away.” Rather than turning a blind eye to the asset class, Modi wants global regulators to be focused on adoption and a unified approach to regulation.
Modi noted that individual nations cannot singlehandedly regulate digital assets as a result of the borderless nature of the asset class. The Prime Minister cited the global standards of the aviation sector as an example for stakeholders in digital currencies to adopt rather than regulate in silos.
“A global consensus-based model is needed, especially one which considers the concerns of the Global South,” said Modi. “We can learn from the field of aviation. Be it air traffic control or air security, there are common global rules and regulations governing the sector.”
Since November 2022, India has been spearheading the establishment of a global framework for digital assets via its tenure as G20 President.
Under India’s tenure, central banks and finance ministers of member countries have reached a consensus on key issues regarding digital currency regulations, paying significant attention to the macroeconomic implications of their widespread use.
Previous meetings in the first and second quarters of 2023 saw the G20 finance ministers receive inputs from the International Monetary Fund (IMF), the Bank for International Settlements (BIS), and the Financial Stability Board (FSB).
With a consensus reached by G20 nations on digital currency regulation, the next phase for India is execution, but several factors stand in the way, including the lack of a home-based legal framework for digital assets in India.
“We haven’t stopped at ideating on how we should move ahead,” said Modi. “We have also come up with tangible details on the way ahead and how quickly we need to move. So, our road map is detailed and action-oriented.”
India rules the local industry with an iron fist
On the homefront, India’s local digital currency space has received opposition from regulators, with the latest being the imposition of harsh tax regimes.
Currently, digital asset investors are saddled with a 30% tax burden on gains in addition to a 1% tax deductible at source (TDS) on each transaction. Attempts to lessen the tax requirement by industry stakeholders have been disregarded, with critics noting that the Indian government intends to tax the industry “to death.”
Early in the year, India’s central bank governor, Shaktikanta Das, likened digital currencies to gambling, calling for a nationwide ban on the asset class.
Watch BSV Stories – Episode 8: Blockchain ticks all the boxes for India’s thriving e-commerce market
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