Ajit Karn
Thursday, Union FM Nirmala Sitharaman said on crypto assets that there is a growing consensus among G20 member nations that any new crypto asset regulations must be globally coordinated.
“I am pleased to report that there is a growing consensus among all G20 members that any action on crypto assets must be global,” Sitharaman told reporters at a news conference following a meeting of G20 finance ministers and central bank governors.
“The G20 and its members agree that it will not be possible for an independent country to deal with crypto assets,” the minister continued.
Sitharaman told reporters that the organization has voluntarily addressed the issue. During India’s G20 presidency, a “synthesis paper” will be drafted regarding crypto assets.
India has maintained its desire for a coordinated global response to the problems posed by cryptocurrencies like bitcoin, and the finance ministry announced in February that it had hosted a seminar for G20 member states to debate how to develop a common framework.
Earlier in February, Sitharaman stated, “We are conducting research so that we can have an informed discussion. International Monetary Fund (IMF) and Financial Stability Board (FSB) have been independently working on the crypto issue and making progress. We have now requested that they complete the documents and provide them to us, and the IMF and FSB have already provided these documents in time for the July meeting. I believe we are making progress in this regard. Therefore, something should evolve.”
She made the remarks in response to a query regarding a consensus on crypto assets among G20 nations during India’s Presidency.
“Recognizing the risks associated with private virtual assets, G20 nations moved a step closer to developing a coordinated and comprehensive policy approach to deal with crypto assets by taking macroeconomic and regulatory perspectives into account,” she said.
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Several years have passed since the Central government, led by Prime Minister Narendra Modi, debated drafting a law to regulate or even ban cryptocurrencies, but no definitive decision has been made. According to the Reserve Bank of India, cryptocurrencies should be outlawed because they resemble a Ponzi scheme.
