Nirmala Sitharaman hopes that finance ministers and central bank governors can approve cryptocurrency regulations at the G20 summit in Bengaluru later this month.
In a recent televised interview, India’s Finance Minister Nirmala Sitharaman suggested that regulations by one country were “impossible”. This requires an international effort.
Speaking to Rahul Joshi on CNBC-TV18 in India on February 3, Sitharaman noted that while central banks are “authorized to issue cryptocurrencies”, the remaining digital assets “use very useful financial technology” on the outside.
India is looking at an “agreed” global standard operating procedure for managing crypto assets ahead of a meeting of G20 finance ministers and central bank governors in Bengaluru later this month, Sitharaman said.
He suggested that for cryptocurrency regulation to be effective, it needs universal consent. He mentioned:
“Regulation alone cannot build a country. It has to be a collective action because technology does not define borders.”
Related: India Cooperates with IMF on Cryptocurrency Consultation Paper
This comes after reports that Sitharaman did not mention any changes to the central bank’s digital currency cryptocurrency tax code or blockchain technology in the Union Budget on February 1.
Various G20 countries have made a lot of progress in regulating cryptocurrencies.
The Australian government recently released a symbolic map consultation document on February 3 ahead of plans to release a licensing and inspection framework by mid-2023.
During a speech in Paris on January 5, Bank of France Governor Francois Villeroy de Galhau said that France should not wait for EU cryptocurrencies, but should take action on licensing. as fast as possible.
Brazil and Argentina are discussing their own creation of a joint digital currency to reduce dependence on the US dollar.
Meanwhile, Huang Yiping, a former member of the Monetary Policy Committee of the People’s Bank of China, believes that the Chinese government should reconsider its ban on e-currency trading, suggesting that it may not be sustainable in the long term. long