Crypto Regulation: India’s FM Nirmala Sitharaman Seeks Global Consensus

• Indian Finance Minister Nirmala Sitharaman highlighted the importance of a global consensus for regulating cryptocurrencies.
• India has included the regulation of digital assets as an agenda item for this year under its G20 presidency.
• India will host a summit in September that will bring together Presidents and Prime Ministers of the G20 to discuss the issue of digital asset regulation.

Indian Finance Minister’s Opinion On Crypto Regulation

Indian Finance Minister Nirmala Sitharaman emphasized during a series of events held in Bengaluru, India, the importance of having a global consensus for regulating cryptocurrencies. Sitharaman is of the opinion that a universal consensus is essential to regulate private digital assets effectively while still allowing the use of digital assets to operate freely.

India’s Position In Regulating Cryptocurrency

In India, crypto assets still remain unregulated, and the government does not register crypto exchanges. Sitharaman explained that since digital assets are borderless and require international collaboration, any regulation on them would require the consent of every nation. Related Reading: LUNA On-Chain Metrics Show Drop In Development Activity Despite Upgrade Additionally, India has included the regulation of digital assets as an agenda item for this year under its G20 presidency. By including this issue on the agenda, India is advocating for global cooperation to establish an effective framework for the regulation of cryptocurrencies.

Impact Of Crypto On Macroeconomic Stability

The International Monetary Fund has published a paper on potential impact crypto currency can have on macroeconomic stability and Financial Stability Board (FSB), established by G20 will also provide report on financial stability related to cryptocurrencies .

India Hosting Summit To Discuss Digital Asset Regulation

As a result, India will host summit in September that will bring together Presidents and Prime Ministers from G20 nations to discuss about issue regarding cryptocurrency regulations which presents an opportunity for India to lead discussion setting up framework .

Conclusion

It is clear from Indian finance minister’s opinion that cryptocurrency cannot be regulated without international collaboration , hence it requires all countries to be onboard else it won’t be effective . This article explain various initiative taken by Indian government at international level to set up regulatory frameworks regarding cryptocurrency with help from other countries .