India Leads G20 Talks on Crafting a Global Crypto Regulatory Framework

Under the leadership of India’s G20 presidency, significant discussions are unfolding regarding the establishment of a comprehensive global framework for cryptocurrencies, as confirmed by India’s Minister of Finance, Nirmala Sitharaman.

The initiative gained momentum on August 28 when Indian Prime Minister Narendra Modi emphasized the necessity of international cooperation among G20 member countries and the European Union in crafting regulatory guidelines for cryptocurrencies. Modi’s viewpoint centers on the idea that technologies with a far-reaching global impact, such as cryptocurrencies, should be governed by a unified set of regulations and standards across borders.

During the Global Fintech Fest held on September 5, Sitharaman reasserted the commitment of G20 members to working towards the realization of a global crypto regulatory framework. She described the cryptocurrency landscape as both a “threat and an opportunity” and underscored the vital role of global collaboration in shaping a responsible financial ecosystem capable of effectively overseeing cryptocurrencies on a global scale. Sitharaman stressed, “Global cooperation is absolutely critical,” highlighting the interconnected nature of financial technology and the importance of cross-border partnerships.

India, having assumed the G20 presidency in the fourth quarter of 2022, consistently advocated for international collaboration in matters related to financial security and stability. The finance minister disclosed that G20 members are actively engaged in discussions aimed at formulating highly anticipated cryptocurrency regulations. She stated, “India’s G20 presidency has put forward issues related to the regulation and understanding of the need for a comprehensive framework to address cryptocurrency asset-related concerns. Active discussions are ongoing, and we are examining content-rich papers from institutions like the IMF, FSB, and OECD on various aspects of the issue.”

Sitharaman also confirmed that the International Monetary Fund (IMF) and the Financial Stability Board (FSB) have submitted their synthesis papers on cryptocurrency, further emphasizing the commitment of global institutions to addressing this evolving financial landscape.

India’s growing interest in blockchain and cryptocurrency is becoming increasingly apparent, particularly with the recent job posting by the National Payments Corporation of India (NPCI). The NPCI, an initiative spearheaded by the Reserve Bank of India (RBI) and comprising 247 Indian banking companies, is actively seeking a Head of Blockchain. This individual will be expected to possess substantial technological expertise, with a minimum of six years of experience in developing and implementing blockchain solutions, and will play a pivotal role in identifying opportunities for blockchain-driven solutions in the financial sector.

For more news, find me on Twitter or subscribe to my YouTube channel.

What is your opinion on this issue? Leave me your comment below! I’m always interested in your opinion!

Leave a Reply

Your email address will not be published. Required fields are marked *

Recommended for you