July 21, 2024
India Takes Lead in G20 Discussions on Global Cryptocurrency Regulation
Latest Cryptocurrency News

India Takes Lead in G20 Presidency: Global Framework for Cryptocurrencies in Discussion

India’s Minister of Finance, Nirmala Sitharaman, has announced that under India’s presidency of the Group of 20 (G20), there are active discussions in progress concerning the establishment of a global framework for cryptocurrencies.

Indian Prime Minister Narendra Modi has urged G20 member states, including 19 countries and the European Union, to collaborate on formulating regulations for cryptocurrencies. Modi emphasizes the importance of regulating emerging technologies like cryptocurrencies on a global scale.

Sitharaman confirmed the G20 members’ commitment to creating a global cryptocurrency framework during the Global Fintech Fest on September 5. She described cryptocurrencies as both a threat and an opportunity and stressed the necessity of global cooperation to develop a responsible financial ecosystem capable of effectively regulating cryptocurrencies worldwide. She added that global cooperation is absolutely critical.

India, which has held the G20 presidency since the fourth quarter of 2022, consistently advocates for global collaboration in matters related to financial security and stability. The finance minister also noted that G20 members are actively engaged in discussions on anticipated cryptocurrency regulations, with various content-rich papers from institutions like the IMF, FSB, and OECD under consideration.

Sitharaman further revealed that the International Monetary Fund and the Financial Stability Board have submitted synthesis papers on cryptocurrencies. India’s growing interest in blockchain and crypto is evident in recent developments, such as the National Payments Corporation of India’s (NPCI) job posting for a head of blockchain. This initiative, led by the Reserve Bank of India and supported by 247 Indian banking companies, is seeking an experienced technologist to identify opportunities for blockchain-driven solutions.

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