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Indian Finance Minister Nirmala Sitharaman stated that active discussions are ongoing for the establishment of a global framework for crypto assets under India’s G20 presidency. During India’s G20 presidency, emphasis was placed on global collaboration to ensure financial security and stability, and efforts to regulate crypto assets are rapidly progressing.
We Need Global Collaboration
On August 28th, Indian Prime Minister Narendra Modi called for global collaboration in formulating crypto regulations among G20 member states, including 19 countries and the European Union. Modi believes that new technologies with global impact, such as crypto assets, should be accompanied by regulations and a globally adhered framework.
Sitharaman confirmed that G20 members are working on creating a global crypto framework during the Global Fintech Fest on September 5th. During the summit, Sitharaman stated that the crypto sector is “both a threat and an opportunity.” She emphasized the need for global collaboration to create a responsible financial ecosystem that can effectively assist in regulating the global crypto industry:
“Global collaboration is absolutely critical. In an interconnected world, financial technology transcends boundaries, making cross-border partnerships absolutely vital.”
Increasing Collaborations on Regulations
Since assuming the G20 presidency in the fourth quarter of 2022, India has consistently emphasized the need for global collaboration when it comes to financial security and stability. The finance minister confirmed that G20 members are working together on the eagerly awaited crypto regulations.
“India’s G20 presidency necessitates a framework for addressing issues related to crypto assets. Active discussions are taking place, and rich content articles from institutions such as the IMF, FSB, and OECD are being debated on various topics.”
Sitharaman also confirmed that the International Monetary Fund and the Financial Stability Board have presented synthesis documents regarding cryptocurrencies. India’s growing interest in blockchain and crypto became more pronounced after the recent job posting by the National Payments Corporation of India (NPCI). NPCI, an initiative managed by the Reserve Bank of India and 247 Indian banking companies, is looking to hire a blockchain chief.