Due to host the G-20 summit next year, India is increasingly seeing the importance of cryptos. And He is not shy about it ! While a bad wind is still blowing in the markets, India’s finance minister believes crypto regulation should be an international priority.
India, for an international crypto regulation?
The digital revolution is underway and India does not intend to stay behind. Indeed, as money gets tight and controversies escalate, Indian Finance Minister Nirmala Sitharaman says crypto regulation should be an international priority. A summit will be held next month to discuss India’s one-year G-20 chairmanship.
Therefore, the regulation of cryptocurrencies should be an important topic of discussion during the latter. At an event organized by the Indian Council for Research on International Economic Relations on Tuesday, Sitharaman said the country should encourage international groups. Notably, the International Monetary Fund (IMF), the Economic Cooperation Organization and the Financial Stability Board.
According to her, India should help in developing the crypto rules with all member countries. As a result, the Indian government has still not established cryptocurrency legislation. Because he believes that a conversation with the members of the G-20 should stand before. At the same conference, India’s Chief Economic Adviser, V. Anantha Nageswaran supported the latter’s remarks.
According to him, “the identification of consensus-based solutions to accelerate the scale and scope of the global community’s response to many cross-border challenges such as the regulation of virtual assets” will be India’s priority this year. As lawmakers around the world continue to frown on digital assets, the Indian government thinks it’s time to level the playing field.
However, Nirmala Sitharaman clarifies that she is talking about crypto as an asset and not as a currency. The latter being rather the domain of the country’s central bank, the Reserve Bank of India.
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