Over-indebtedness and hyperinflation currently rotting most of the world’s economies. Add to this the losses experienced by average or retail investors in crypto exchanges like FTX and Terra and you’ll have a less than encouraging picture. To deal with this, India, currently at the head of the G20, is once again asking develop a common framework to regulate cryptocurrencies.
India reiterates its call to regulate cryptocurrencies
Since 1er December 2022, the G20 presidency fell into the hands of theIndia. THE Prime Minister Narendra Modi and his entire team are currently busy leading the multilateral institutions that make up this group in order to tackle pressing challenges like inflation, war in Ukraine and also cryptocurrencies.
Regarding cryptocurrencies, India invited the G20 to:
- regulate cryptocurrencies first;
- then, develop a unified policy regarding these assets;
- before proposing a common approach for their regulation.
If we take into account sayings of the Indian finance minister at the Peterson Institute for International Economics in Washington DC, we can say that India has not changed its position on its idea of common regulation of cryptocurrencies. The recent and numerous crypto exchange collapses have deeply affected investors around the world.
” Cryptocurrencies are a very important part of the discussion under the #G20India presidency, considering so many meltdowns and shocks in the crypto industry. We seek to develop a common framework for all countries to address this issue “says Nirmala Sitharaman.
In other words, the Grand Treasurer of India sees in the ” disparate reforms ” of the initiatives unsuitable for cryptocurrencies.
Only 7 months left to see this dream come true?
See erect a common framework for cryptocurrencies in a single term at the head of the G20, it is really utopian on the part of India. Is this why Ms. Sitharaman has made it a leitmotif for some time?
She did indeed make the same speech during the meeting G20 Finance Ministers and Central Bank Governors from last February. As cryptocurrencies have already proven their global reach, we might as well regulate them with a device of the same ilk. This is how financial stability, inclusion and productivity gains will come, believe these Grands Argentiers.
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