Indian Finance Minister Nirmala Sitharaman made a statement after her program with the Reserve Bank of India. He made a statement before the G20 summit, where developments in cryptocurrencies are expected. We will witness together what will happen in cryptocurrencies after the summit.
The main topic of the G20 summit will be cryptocurrencies
Indian Finance Minister Nirmala Sitharaman is set to assume the presidency of the G20. Speaking at the Indian International Economic Relations Research Council on 1 November, Sitharaman drew attention to the developments in the country. Sitharaman said the country is “moving fast” with digital financial technology. However, she states that she will talk about global regulation of cryptocurrencies, debt distress, international taxation issues at the G20. Nirmala Sitharaman will chair the G20 for one year, from 1 December 2022 to 20 November 2023.
Speaking at the India Research Council on International Economic Relations on November 1, Sitharaman evaluated the Indian people’s view of technology. The finance minister said that regulation in cryptocurrencies will be one of the priorities of the G20 summit. However, he also stated that he definitely needed the support of other members.
Indian Finance Minister says all countries should work together
According to Sitharaman, he argued that India should work towards ensuring that cryptocurrencies can be “regulated with all countries.” He draws attention to the need to work with organizations such as the International Monetary Fund, the Financial Stability Board and the Organization for Economic Cooperation and Development. Sitharaman will take over the presidency of the G20, with India holding a handover ceremony from Indonesia in December. Indian Finance Minister Nirmala Sitharaman points out in a statement:
The IMF and OECD (Organization for Economic Development and Cooperation) have already started to work hard. With the participation of all countries, I think we should encourage them to understand how cryptocurrencies can be regulated. No country can succeed in trying to regulate cryptocurrencies individually.
Digital rupee pilot program started
Finance Minister Nirmala Sitharaman stated that cryptocurrencies should be regulated because they are seen as “drugs, terrorist financing”. However, she said that the regulation stemming from the actions taken to “experience the system only” would be in the national interest of India. As we have reported as Kriptokoin.com; Sitharaman also asks G20 members which policies should be coordinated. Sitharaman said that it is essential to work together and in coordination for cryptocurrencies to become the best.
In July, Sitharaman discussed potential risks to financial stability. It then calls for global cooperation on cryptocurrencies. The Reserve Bank of India, or RBI, banned banks from providing services to crypto firms in 2018. Following this decision, there was a ban that the Indian high court revoked in 2020. Since then, the central bank has periodically issued warnings about digital assets, citing India’s threats to cryptocurrencies. Progress continued, however, with the RBI launch of the central bank cryptocurrency first announced in February on October 31. The digital rupee pilot program for the wholesale segment started in the CBDC traditional financial system. It was introduced on November 1 in a three-step tiered approach that is expected to be available with “little or no downtime”.
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