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India’s G20 Leadership Paves the Way for Global Cryptocurrency Regulations

CryptoIndia's G20 Leadership Paves the Way for Global Cryptocurrency Regulations

Under India’s G20 leadership, discussions are ongoing to establish a global framework for cryptocurrencies, according to India’s Finance Minister, Nirmala Sitharaman. Indian Prime Minister Narendra Modi has called for global cooperation among G20 member nations and the European Union to formulate cryptocurrency regulations, emphasizing the global impact of emerging technologies like cryptocurrencies and the need for consistent global regulations.

Sitharaman reiterated this stance during the Global Fintech Fest on September 5, describing cryptocurrencies as both a threat and an opportunity. She stressed the importance of international collaboration to create a responsible financial ecosystem capable of effectively regulating cryptocurrencies on a global scale.

India, as the G20 president since Q4 of 2022, has consistently emphasized the importance of global collaboration for financial security and stability. Sitharaman confirmed that active discussions are taking place among G20 members regarding anticipated cryptocurrency regulations, with content-rich papers from institutions such as the IMF, FSB, and OECD being examined.

Additionally, Sitharaman noted that the International Monetary Fund and the Financial Stability Board have submitted synthesis papers on cryptocurrency. India’s growing interest in blockchain and cryptocurrencies is evident through recent job postings by the National Payments Corporation of India (NPCI), which is backed by the Reserve Bank of India and 247 Indian banking companies. NPCI is seeking a blockchain expert to identify opportunities for blockchain-driven solutions.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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