Indian Finance Minister Seeks Common Global Crypto Framework
The Union Finance Minister of India, Nirmala Sitharaman, who is on her official visit to the US said crypto regulation is a very important part of the G20 countries discussion given "so many collapses and shocks in cryptocurrencies." She said, "We seek to develop a common framework for all countries to deal with this matter."
Common Framework for All Countries
The
Union Finance Minister of India, Nirmala Sitharaman is currently on an official
US visit to attend the Spring Meetings of the World Bank Group and the
International Monetary Fund (IMF) which are taking place from April 10 to April
16. She is also representing India at the G20 Finance Ministers and Central
Bank Governors meetings on the sidelines of the IMF-World Bank Spring Meetings.
Sitharaman
discussed a wide range of topics during her visit, including cryptocurrency
regulation. At a roundtable discussion titled "Investment Opportunities
for the Long Term: India on the Rise," the Indian finance minister
underlined the importance of cryptocurrency regulation. The key topic being
debated by the G20 nations under India’s presidency. She stated:
"Cryptocurrencies
are a very important part of the discussion under India’s G20 presidency, given
so many collapses and shocks in cryptocurrencies. We seek to develop a common
framework for all countries to deal with this matter."
Focus on International Collaboration
The
Ministry of Finance recently answered questions in the Lok Sabha, the lower
house of the parliament that cryptocurrency is currently unregulated in India, and
that "crypto assets are by definition borderless and require international
collaboration to prevent regulatory arbitrage."
The
Reserve Bank of India (RBI), has repeatedly recommended that the government ban all cryptocurrencies, including bitcoin and ether. In February, RBI Governor,
Shaktikanta Das, said the G20 finance chiefs widely recognized that
cryptocurrency poses major financial stability risks.
However,
the government has stated that both regulating and banning cryptocurrencies
would require collaboration on a global scale. During the last meeting of G20
finance ministers and central bank governors, the government requested the IMF and the Financial Stability Board (FSB) prepare "a technical paper"
on crypto assets.
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