India is having “detailed discussions” with other G20 members about forming a collective standard operating procedure to regulate crypto assets, Indian Finance Minister Nirmala Sitharaman has revealed. She also called for “a globally coordinated approach on the regulation of crypto assets” during her recent meeting withG20’s Crypto Regulatory Discussion Underway
Noting that cryptocurrencies are largely unregulated in India at the moment, Sitharaman explained: “Whether it’s mining or whether it’s the asset or whether it’s the transaction, we recognize that it is very, completely almost, driven by technology, and a standalone country’s effort in controlling or regulating it is not going to be effective.” She added:
The Group of Twenty comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the U.K., the U.S., and the European Union. The G20 members represent around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population.
“Crypto is heavily tech led and less of human intervention,” the Indian finance minister was quoted by PTI as saying. “We are talking to all nations that if regulation has to be framed then one country cannot frame it alone. So we are speaking to all for forming a standard operating procedure so that it is effective … All these are part of [the] discussion. The process of discussion is on in G20.”
That sounds very interesting.
2023 G20 Manipur, India
🖕🏻 regulate yourself you bunch of corrupted nazis
India’s Economic Affairs Secretary Ajay Seth said earlier this month that the Indian government plans to introduce measures around crypto this year. CryptoNews Crypto blockchain
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