The first meeting of G20 finance chiefs takes place February 23-25 in Bengaluru. Indian Finance Minister Nirmala Sitharaman is acting as host for the event. Previously, she made a statement regarding the fact that the G20 is considering regulating cryptos collectively. In this context, an approach for a common regulation of digital assets could emerge during the meeting.
The Indian government is considering common regulations!
G20 financial chiefs may find a common way to regulate crypto, amid heightened regulatory scrutiny. This was indicated Reuters through a recent report. It appears that on February 11 Minister Nirmala Sitharaman said : “ We are discussing with all nations, if we can establish a standard operating procedure that is followed by all to create a regulatory framework, and if this can be effective “.
The Minister highlighted the fact that these assets involve sophisticated technologies. She added that for this reason, the G20 would like to establish a common regulatory framework for cryptos. This should be able to facilitate the task for all the nations involved.
It must be said that the Indian government is currently under pressure, with crypto investors demanding concrete action. It faces more than 110 million crypto investors. Not to mention that regulators are doing everything to prevent cryptos from entering the Indian financial system. In this context, the Indian government has often referred a global and concerted approach to controlling the new industry.
Discussions on crypto that promise to be interesting!
The G20 is a group of nations with the most developed economies. Both the US and the EU, which are currently in the thick of the crypto regulatory news, are members. Under these conditions, the discussions on the regulation of digital assets at the current meeting should be interesting. They will probably have to be watched very closely.
Over the past few weeks, US regulators have waged an intense crackdown on cryptos. In the absence of regulation, crypto players deem the position of regulators too harsh. They fear that the latter will abuse their power to impose restrictions unilaterally. Meanwhile, the European Union has approved the MiCA regulation which aims to regulate crypto markets.
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