At the G20 Summit, India took the lead in the discussion of global cryptocurrency regulation
It is anticipated that the G20 Summit, which India is hosting this year, will be a key occasion for crypto regulation worldwide. India’s economy is among the biggest and fastest-growing in the world, and it has a big say in how the bitcoin market develops. India has been promoting a fair and cooperative approach to cryptocurrency regulation that will guarantee innovation, inclusivity, and stability in the financial sector. A shared regulatory framework for cryptocurrencies may be established as a result of the G20 Summit, which would be advantageous to both investors and authorities.
Nirmala Sitharaman, India’s finance minister, said that under the country’s G20 (Group of 20) chairmanship, conversations about creating a worldwide cryptocurrency framework are ongoing.
The European Union and 19 other G20 members, including the Indian Prime Minister Narendra Modi, are pushing for international cooperation in developing crypto rules. According to Modi, new technology like cryptocurrency should be accompanied by regulations and a structure that is followed worldwide.
On September 5, during the Global Fintech Fest, Sitharaman declared that the G20 is trying to create a global crypto framework.
Cryptocurrency is both a “threat and an opportunity,” Sitharaman stated during the meeting. She emphasized the necessity for international collaboration to create a trustworthy financial environment that can successfully aid in regulating cryptocurrencies globally. Global collaboration, she continued, is essential.
Since India assumed the G20 presidency in Q4 2022, it has repeatedly emphasized the need for international cooperation to maintain financial stability and security. The finance minister did, however, affirm that the G20 is collaborating on the long-awaited crypto legislation.
The International Monetary Fund and the Financial Stability Board have filed synthesis papers on cryptocurrencies, according to Sitharaman.