Indian finance minister, Nirmala Sitharaman revealed that the G20 nations are inclusively exploring ways to regulate cryptocurrencies. After getting awarded a presidential position of G20, India is hosting the G20 summit this year.
On Saturday, Nirmala Sitharaman told reporters that addressing adequate regulation for virtual assets is important as it involves the use of sophisticated technologies.
“We are talking to all nations, that if it requires regulation, then one country alone cannot do anything,” Sitharaman stated to reporters. “We are talking with all nations, if we can make some standard operating procedure which is followed by everyone to make a regulatory framework, and if it can be effective.”
However, this was not the first time when the Indian minister talked about regulation on crypto. For a long time, India has had an unclear stance over cryptocurrencies, which continuously poses the threat of a ban in Indian investors’ minds. It’s been a while, the country is preparing the regulations, though, no clear laws have been formed for cryptocurrencies till date.
Indian prime minister, Narendra Modi also highlighted the need for collective efforts to curb the problem associated with cryptocurrencies. On the other hand, the Reserve Bank of India asked to ban cryptocurrencies by calling it a Ponzi scheme.
Earlier, India’s Economic Affairs Secretary Ajay Seth revealed the government’s collaboration with the Financial Stability Board (FSB) to draft a regulatory framework for crypto assets. This means the government is certainly in the process to decide the faith of crypto in the country.
