India’s Finance Minister Nirmala Sitharaman said during her official visit to the US that crypto regulation is a very important part of the G20 countries’ discussion due to “so many crashes and shocks in crypto.” She stressed: “We seek to develop a common framework for all countries to address this issue.”
India seeks a common framework for cryptocurrencies
India’s Finance Minister Niramala Sitharaman is currently on an official visit to the US to attend this year’s Spring Meetings of the World Bank Group and the International Monetary Fund (IMF), which will be They will take place from April 10 to 16. She also represents India at the G20 Finance Ministers and Central Bank Governors meetings on the sidelines of the IMF and World Bank Spring Meetings.
Sitharaman discussed a wide range of topics during his trip, including cryptocurrency regulation. In a panel discussion titled “Long-Term Investment Opportunities: India on the Rise,” the Indian finance minister stressed that cryptocurrency regulation is a key issue being discussed by G20 nations under the Indian presidency. She stated:
Cryptocurrencies are a very important part of the discussion under India’s G20 presidency, given so many crashes and shocks in cryptocurrencies. We seek to develop a common framework for all countries to address this issue.
The Finance Ministry recently told India’s parliament that cryptocurrency is currently unregulated, noting that “crypto assets, by definition, are borderless and require international collaboration to avoid regulatory arbitrage.”
India’s central bank, the Reserve Bank of India (RBI), has repeatedly recommended that the Indian government ban all cryptocurrencies, including bitcoin and ether. In February, RBI Governor Shaktikanta Das said that G20 finance chiefs widely recognized that cryptocurrencies pose significant risks to financial stability.
However, the government has stated that both regulating and banning cryptocurrencies would require collaboration on a global scale. During the last meeting of the G20 finance ministers and central bank governors, the government asked the IMF and the Financial Stability Board (FSB) to prepare “a synthesis paper” on crypto assets.
What do you think of the statements by the Indian Finance Minister, Nirmala Sitharaman? Let us know in the comments section.
image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
