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(Kitco News) – India continues to lead the push for global cryptocurrency regulations as Prime Minister Narendra Modi reiterated the need for countries to collaborate during the recent Business 20 (B20) Summit.
“The rapid pace of change of technology is a reality – there is no point in ignoring it or wishing it away,” Modia said in an interview with Business Today. “Instead, the focus should be on adoption, democratization and a unified approach. At the same time, the rules, regulations and framework around it should not belong to one country or a group of countries.”
And it’s not just cryptocurrencies that Modi is focused on, as he stressed the need for a global framework and regulations for all emerging technologies, “especially one that considers the concerns of the Global South.” He cited the field of aviation as an example, saying, “Be it air traffic control or air security, there are common global rules and regulations governing the sector.”
Modi noted that over the past nine months, “vast efforts and energy have been channeled into debt and crypto agendas,” and said India’s role as the G20 president “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,” he said. “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.”
While speaking at the B20 Summit that took place in New Delhi from August 25-27, the prime minister reiterated his stance on cooperating to develop rules around blockchain technology, saying, “I believe there is a need to develop a global framework that should protect the interests of all parties.”
The B20 is an event associated with the G20 Summit aimed at collecting insights and recommendations from international business leaders to tackle today’s pressing issues.
Modi called on business leaders to begin considering issues related to cryptocurrencies and the ethical use of artificial intelligence (AI), stressing the importance of responsibly integrating fast-paced technological advancements.
Modi also said businesses should focus on boosting the buying power of the broader population and warned that a self-centered approach could be detrimental. He argued that only seeing other nations as markets to be exploited is unsustainable and will ultimately backfire on producer countries. The path ahead is to involve everyone as equal stakeholders, he suggested.
One company that is already heeding Modi’s call is Reliance Industries Ltd., an Indian multinational conglomerate, headquartered in Mumbai, that is chaired by Asia’s richest man, Mukesh Ambani.
On Monday, Ambani announced that Reliance is venturing into the world of blockchain and central bank digital currencies (CBDCs) through its new financial services entity, Jio Financial Services (JFS), which launched at the end of July.
The new venture, which was launched in collaboration with BlackRock, will combine BlackRock’s expertise in investment management, risk management, technology, operations, and intellectual capital around markets with JFS’ local market knowledge, digital infrastructure capabilities, and execution capabilities to introduce a new player to the India market with “a unique combination of scope, scale, and resources.”
“JFS will consolidate its payment infrastructure, with a ubiquitous offering for both consumers and merchants further driving digital adoption for India,” Ambani said. “JFS products will not just compete with current industry benchmarks but also explore pathbreaking features such as blockchain-based platforms and CBDC. They will adhere to the highest standards of security, regulatory norms and ensure protection of customer transaction data at all times.”
Reliance Retail, a Reliance entity, and India’s largest retail chain, began accepting the country’s CBDC, the digital rupee, during its pilot phase in February. Reliance Retail has more than 17,000 stores throughout the country, and its inclusion in the pilot program represented the largest integration to date, helping to put the digital rupee in the hands of Indian citizens.
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