Narendra Modi shared his opinion on the increasing innovations in the digital payment sector and suggested work on bringing solutions against financial stability risks.
India is a blockchain tech adaptive country but its stance toward crypto adoption was not much clear. In the present time, the Indian finance ministry is trying to explore ways to regulate the crypto industry under international rules, as a part of G-20 meetings. Indian finance minister Nirmala Sitharaman many times said that crypto regulation is not possible with a single country’s rules because of the decentralised nature of crypto assets.
On 24 Feb 2023, Narendra Modi, the prime minister of India, passed statements on the increasing digital payment innovations, during the G20 summit talks.
The prime minister said that digital payment adoption surged rapidly during the COVID-19 pandemic and also brought huge innovations in the digital payment sector.
Further Honable & reputed Indian politician Modi said that such increased innovations in the financial sector also brought many risks to the financial system like risks to financial stability & misuse.
According to the Indian prime minister, the same problem can be solved with the help of better ideas, so that such innovations can’t be used for illegal activities.
Reportedly, Mr. Modi dragged increasing cryptocurrencies adoption & use of crypto payments.
Earlier in Jan 2022, the Indian prime minister shared his opinion on the unclear crypto regulation & crypto use in money laundering activities.
At that time he suggested all the countries work jointly to bring a framework and also noted that a single country can’t do anything.
“The kind of technology it is associated with, the decision taken by a single country will be insufficient to deal with its challenges. We have to have a similar mindset,” PM Modi stated