The G20, an intergovernmental forum made up of 19 countries and the European Union, is developing a common framework to help all countries deal with the risks associated with cryptocurrencies. The new meeting highlighted the common vision, the call for coordinated global crypto policies.
G20 countries develop global framework against risks related to cryptocurrencies
Nirmala Sitharaman, India’s finance minister, highlighted the multiple crypto crashes while revealing the need for a coordinated effort from all jurisdictions, in a statement at the Peterson Institute for International Economics in Washington DC.
Under India’s presidency, the G20 calls for coordinated global crypto policies, a vision laid out by Sitharaman. However, with multiple ecosystem collapses affecting investors worldwide, he believes different reforms will not help address the global reach of cryptocurrencies.
In a statement at the Peterson Institute for International Economics, he highlighted multiple crypto crashes while calling for a shared vision:
Considering so many crashes and shocks in cryptocurrencies, cryptocurrencies are a crucial part of the discussion led by the G20 India. We are trying to develop a common framework for all countries to address this issue.
G20 aims to bring global economies together to fight hyperinflation in small economies
Sitharaman further explained the G20’s aim to bring global economies together to combat debt crunch and hyperinflation in smaller economies such as Sri Lanka and Ghana. He said about this:
In the G20, India has an opportunity to bring all countries together to solve the debt crunch in middle-income and low-income countries. Multilateral institutions produce solutions for debt-ridden countries within 3 to 5 years.
India’s G20 presidency will expire on November 30, 2023, with about seven months left for the group of 20 countries to carry out comprehensive crypto reforms that can be implemented in their jurisdiction. El Salvador’s previously struggling economy, on the other hand, has demonstrated the importance of an asset like Bitcoin in mitigating the impact of hyperinflation and reliance on the US dollar.
Global crypto adoption
Meanwhile, India’s domestic payments network, the unified payments interface (UPI), is also on the way to expansion. Also, Singapore’s PayNow fast payment system has recently integrated UPI to allow fast cross-border payments. At the time of the announcement, it was revealed that State Bank of India, Indian Overseas Bank, Indian Bank and ICICI Bank will facilitate outgoing remittances while Axis Bank and DBS Bank India will facilitate inbound remittances.
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