At the annual G20 summit, Indian Prime Minister Narendra Modi urged the world leaders to work together on creating crypto regulations.
He said that India, as the G20 president, is committed to promoting a global framework for regulating cryptocurrencies.
He explained that emerging technologies like blockchain and cryptocurrency have a global impact and therefore require global rules, while giving an interview with Business Today.
He compared it to the aviation industry, which has common standards for air traffic control and air security.
He also said that India is contributing to the global crypto dialogue, despite the lack of clarity and simplicity in its own crypto regulation and taxation.
On Aug. 1, India published a presidency note, which outlined its suggestions for the global crypto framework.
The note followed the guidelines of the Financial Stability Board, the Financial Action Task Force and the International Monetary Fund.
The note also included some additional recommendations for developing economies.