- India’s Finance Minister emphasizes the need for global consensus on crypto regulation for it to be effective, given the borderless nature of technology.
- The G20, under India’s presidency, has put crypto regulation on its agenda, with the IMF and Financial Stability Board (FSB) providing reports on the subject.
Nirmala Sitharaman Advocates for International Collaboration on Crypto Regulation
India’s Finance Minister Nirmala Sitharaman has stated that regulating cryptocurrencies without global consensus would be ineffective. Speaking at the Thinkers Forum in Karnataka, she explained that international collaboration is crucial for crypto regulation due to the borderless nature of technology.
G20 and India’s Presidency: Focusing on Crypto Regulation
Sitharaman mentioned that the G20, under India’s current presidency, has included the topic of cryptocurrency regulation in its agenda. The International Monetary Fund (IMF) has submitted a paper on cryptocurrencies and their potential impact on macroeconomic stability. Additionally, the Financial Stability Board (FSB), established by the G20, will provide a report focusing on financial stability. These reports will be discussed at the G20 Finance Ministers and Central Bank Governors meeting in July, followed by a summit of G20 leaders in September, hosted by India.
The Need for a Global Template
Sitharaman emphasized that individual countries cannot effectively control crypto assets, as technology transcends borders. She pointed out the importance of creating a global template, with the collaboration of G20, the Organisation for Economic Co-operation and Development (OECD), the IMF, and the World Bank, among others. The Finance Minister clarified that this does not mean controlling the distributed ledger technology (DLT), which has its inherent potential and advantages.
India’s Inflation and Global Perspective
India is currently facing inflation, which Sitharaman attributes to the imported price hikes in fuel and fertilizers. Amid these challenges, she acknowledged Prime Minister Narendra Modi’s efforts to ensure the well-being of the Indian population.
In conclusion, India’s Finance Minister Nirmala Sitharaman has called for a united global effort to effectively regulate cryptocurrencies. The G20, under India’s presidency, has taken up the matter, fostering international cooperation to create a global template for cryptocurrency regulation.
Suggested Reading :
- India’s Crypto Battle: Tackling Money Laundering & Boosting Regulation
- India Requests IMF and FSB to Develop ‘Synthesis Paper’ on Crypto Assets during G20 meeting
- Reserve Bank of India(RBI) Governor Mr.Das says Crypto must be banned and compares it to gambling
- India’s RBI Announces Pilot Launch Of ‘Digital Rupee’ For ‘Specific Use Cases’
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