Under India’s presidency, the G20 nations are actively engaged in discussions about establishing a global crypto framework.
During this year’s Global Fintech Fest in Mumbai, Indian Finance Minister Nirmala Sitharaman delivered an update on the ongoing discussions regarding global crypto framework under India’s G20 presidency.
The Indian finance minister emphasized regarding crypto framework discussions at the G20, she affirmed, “India’s presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets.”
Sitharaman went on to mention several comprehensive papers discussing the regulation of crypto assets that have been brought up during G20 meetings. These papers hail from prominent global organizations like the International Monetary Fund (IMF), the Financial Stability Board (FSB), and the Organisation for Economic Co-operation and Development (OECD). Notably, she highlighted that both the IMF and the FSB have submitted a synthesis paper on the subject of crypto assets.
She also noted that crypto is both “a threat as well as an opportunity,” emphasizing: “As much as you build firewalls, there are more and more newer ways in which attacks are being made.”
India has been engaged in extensive deliberations concerning the regulation of crypto assets over the course of several years. In 2019, a draft crypto bill was presented to the Ministry of Finance, but it failed to make its way to parliament for discussion. Following this, the Indian government signaled the necessity for further refinement of the bill and emphasized the importance of global cooperation in the oversight of the cryptocurrency industry.
India’s Prime Minister Narendra Modi said last month that crypto needs “a global framework and regulations.” He stressed: “The rapid pace of change of technology is a reality — there is no point in ignoring it or wishing it away. Instead, the focus should be on adoption, democratization, and a unified approach.”
Just last month, India presented proposals outlining a roadmap for the implementation of a worldwide regulatory framework for crypto assets. Sitharaman had previously articulated India’s aspiration for a unified crypto framework that would be applicable to all nations.
Story credit: bitcoin.com
