Finance Minister Nirmala Sitharaman talks about crypto framework Washington, DC, on the last day of her six-day visit to the United States that India will prioritise the creation of cryptocurrency SOPs during its chairmanship of the Group of Twenty in 2019. The Indian finance minister, who just returned from the annual meetings of the International Monetary Fund (IMF) and the World Bank, said that his country’s goal is to have the G20 address cryptocurrency regulation based on technological advances.
“We would definitely want to collate all this and do a bit of study and then bring it on to the table of the G20 so that members can discuss it, and hopefully arrive at a framework or SOP so that globally, countries can have a technology-driven regulatory crypto framework,” the FM was quoted as saying by a news agency.
- India aims at developing tech-driven regulatory framework for cryptocurrency
- India will assume the Presidency of the G20 for one year from December 1, 2022 to November 30, 2023.
- The G20 is an intergovernmental forum comprising 19 countries and the European Union.
- Under the Presidency of India, India is expected to host over 200 G20 meetings across the country, beginning December 2022.
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India aims at developing tech-driven regulatory crypto framework for cryptocurrency
Finance Minister Nirmala Sitharaman has stated that India hopes to establish cryptocurrency standards during its G20 presidency next year. She has stressed that all countries want the technology to survive but not be misused. Sitharaman told a group of Indian media on Saturday that crypto will be on India’s agenda during the G-20 presidency. Her comments came as she wrapped up her trip to Washington, DC, for the annual meetings of the International Monetary Fund and the World Bank.
“But if it’s an issue of platforms, trading on assets which have been produced, buying and selling generating profits, and most crucially in all these are nations in a position to comprehend the money exchange, are we in a position to establish for what purpose it’s being used?” Ms. Sitharaman put the query. As an illustration, she mentioned recent incidents in India where the Enforcement Directorate (ED) has uncovered significant money laundering, most likely using crypto assets and trade.
“This worry has been acknowledged by a few G20 members who have said yes to money laundering, drug abuse, and other related issues. It’s generally agreed that some form of regulation is necessary, and that all nations will need to work together on it because no one nation can handle it on its own. “So on that we will absolutely have something,” Ms. Sitharaman added.
Sitharaman said in July that the Reserve Bank of India (RBI) has voiced worries about cryptocurrencies, arguing that they should be banned because of the potential damage they might do to India’s monetary and fiscal stability. “The Reserve Bank of India has called for new laws to be drafted to address the potential threat that cryptocurrencies pose to national economies. Cryptocurrencies, in the eyes of the RBI, should be outlawed, “said in a written response to the Lok Sabha.
The G20 is an intergovernmental forum comprising 19 countries and the European Union.
Countries including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union are all part of the Group of Twenty (G20).
More than 80% of global GDP, 75% of global commerce, and 60% of the world’s population are produced by G20 countries. Cause and Effect After the Asian financial crisis of 1997, a group the world’s finance ministers and central bank governors got together to form the Group of Twenty (G20). After some time, the G20 was elevated to the level of heads of state and government and dubbed the “preeminent platform for worldwide economic cooperation.”
The G20 Summit has been held yearly since 2011, with the Presidency changing hands each time. After initially concentrating on broad macroeconomic policy, the G20 has broadened its scope to encompass trade, climate change, sustainable development, energy, environment, climate change, anti-corruption, etc. Organizational Form Neither a charter nor a secretariat can be found for the G20. Each year’s Summit agenda is determined by the Presidency with the help of the nations that held the Presidency the year before and the year following (Troika). Sherpas, who represent their nations in the G20 as personal envoys of the Leaders, drive the process forward.
Over the course of the year, the Sherpas monitor discussions, debate agenda items for the Summit, and coordinate the G20’s substantive work. The Finance Track and the Sherpa Track are the two main divisions of the G20’s activity. Representatives from the appropriate ministries of the members, invited/guest nations, and numerous international organisations all take part in thematically focused working groups within the two tracks. During each Presidency, the working groups will continue to meet on a consistent basis. New economic developments and the objectives and goals established in prior years also factor into the agenda’s creation. The G20 has a long-term responsibility for maintaining institutional stability.