G20 Nations Actively Discussing Crypto Framework

G20 Nations Actively Discussing Crypto Framework – During India’s presidency, Finance Minister Nirmala Sitharaman has disclosed that the G20 nations are engaged in active deliberations concerning a worldwide framework for cryptocurrency assets. She stressed the importance of addressing or regulating matters associated with cryptocurrency assets and highlighted that India’s leadership has introduced crucial topics for consideration.

Finance Minister Nirmala Sitharaman shared an update on the ongoing discussions regarding global cryptocurrency regulations as part of India’s G20 presidency during this year’s Global Fintech Fest in Mumbai, which took place on Tuesday. Regarding crypto discussions at the G20, the Indian finance minister emphasized: “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.”

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She affirmed: “Active discussions are happening.” Sitharaman went on to mention a range of comprehensive documents concerning the oversight of cryptocurrency assets that have been submitted during G20 meetings by international institutions like the International Monetary Fund (IMF), the Financial Stability Board (FSB), and the Organisation for Economic Co-operation and Development (OECD).

She made a specific reference to the synthesis paper on crypto assets submitted by the IMF and the FSB. 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 discussions concerning the regulation of cryptocurrency assets over the past few years.

In 2019, a preliminary cryptocurrency bill was presented to the Ministry of Finance; however, it did not progress through the parliamentary process. Following this, the Indian government conveyed the necessity for further refinement of the bill and emphasized the importance of international cooperation in the supervision 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.”

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In the previous month, India presented suggestions for a plan aimed at establishing a global regulatory framework for cryptocurrency assets. Sitharaman had previously expressed India’s desire for a unified framework for cryptocurrencies that would apply universally across all countries.

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