India Seeks Common Crypto Framework for All Countries to Deal With ‘Many Collapses and Shocks in Cryptocurrencies’

Indian Finance Minister Nirmala Sitharaman, on an official visit to the United States, said crypto regulation is a very important part of the discussions by G20 countries, given “so many disruptions and shocks in cryptocurrencies.” She stated. She stressed: “We are seeking to develop a common framework for all countries to address this issue.”

India calls for a common framework for cryptography

Indian Finance Minister Nilamala Sitharaman is currently on an official visit to the United States to attend this year’s Spring Meetings of the World Bank Group and the International Monetary Fund (IMF), which will take place from April 10-16. He is also representing India at the G20 Finance Ministers and Central Bank Governors’ Meeting to be held on the sidelines of the IMF and World Bank Spring Meetings.

During his trip, Mr. Sitaraman discussed a wide range of topics, including cryptocurrency regulation. At a roundtable titled “Long-Term Investment Opportunities: India on the Rise,” the Indian Finance Minister emphasized that cryptocurrency regulation is an important topic being discussed by the G20 countries, of which India is the chair. She stated:

Cryptocurrencies have become a very important subject of discussion in India’s G20 Presidency because there have been so many cryptocurrency collapses and shocks. We are asking all countries to develop a common framework to address this issue.

The Ministry of Finance recently told the Indian Parliament that cryptocurrencies are currently unregulated, noting that “crypto assets are by definition borderless and require international cooperation to prevent 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 G-20 finance chiefs have said that cryptocurrencies pose significant financial stability He said that there is widespread recognition that they pose a risk.

However, governments have said that global cooperation is needed to both regulate and ban cryptocurrencies. At the last G20 Finance Ministers and Central Bank Governors meeting, the government asked the IMF and the Financial Stability Board (FSB) to produce a “consolidated document” on crypto assets.

Image Credit: Shutterstock, Pixabay, Wiki Commons.

Exit mobile version