G20 President Calls for Cryptocurrency to Others from the Country!

Nirmala Sitharaman, India’s finance minister, who is the current head of the G20, said that major economies cryptocurrency He said he was investigating whether he could provide coordination on the regulation.

Cryptocurrency Statement from India’s Finance Minister, Chairman of the G20

Sitharaman, whose government under Indian Prime Minister Narendra Modi and the central bank have long discussed laws potentially banning cryptocurrencies, noted that the sophisticated technology underlying virtual assets warrants discussion over regulatory action, Reuters reported.

“We are talking to all nations, if it requires regulation, then no single country alone can do anything,” Sitharaman said.

Sitharaman, who is chair of the G20 this year, added, “We are talking to all nations, talking about whether we can establish some standard operating procedures that are followed by all to establish a regulatory framework and if that can be effective.”

While the government of India and the Reserve Bank of India have historically opposed decentralized cryptocurrencies, the central bank has shown intense interest in digital currencies. Late last year, a direct digital rupee pilot was started to reduce transaction costs and the need for collateral for buying and selling government securities.

India will host G20 finance ministers and central bank governors this month.

Last year, Modi said that a collective global effort was needed to tackle the problems posed by cryptocurrencies. The Reserve Bank of India has said that cryptocurrencies should be banned because they resemble a pyramid scheme.

*Not investment advice.