Indian Finance Minister Nirmala Sitharaman noted that a worldwide framework for regulating cryptocurrency assets is underway. The statement came on Tuesday, where Sitharaman emphasized the need for global cooperation in regulating cryptocurrencies.
Previously, the Prime Minister of India, Narendra Modi, stated that efficient regulation requires global involvement.
‘Active’ Crypto Discussions Happening
Indian FM Sitharaman noted in a conference under India’s G20 presidency that key issues related to crypto asset regulation have been raised for discussion.
She stated,
“Active discussions are happening.”
This announcement follows recent remarks by Indian Prime Minister Narendra Modi, who stressed the importance of unified crypto regulations. Modi previously likened common crypto rules to global aviation standards. He also expressed support for including the African Union in the crypto conversations.
Meanwhile, in the backdrop, the Financial Stability Board and the International Monetary Fund handed out a synthesis paper among G20 member countries. This paper aims to address the challenges posed by cryptocurrencies and provide clarity on integrating virtual digital assets into financial systems.
Reports underline that the documents will be made public soon. The G20 meeting is happening on Tuesday and Wednesday.
India Directs G20 Crypto Regulatory Framework
India is simultaneously pursuing the development of its own central bank digital currency (CBDC). Yes Bank recently integrated compatibility with the Reserve Bank of India’s CBDC app, while SBI introduced UPI interoperability with the digital Rupee for digital transactions.
In July, India’s Supreme Court directed the Union government to disclose its plans for regulating crypto crimes in the country. The court expressed disappointment that no federal agency or law had been established to investigate cryptocurrency cases.
Read more: Digital Rupee Tutorial — How to Use India’s CBDC e-Rupee
Despite these developments, a domestic regulatory framework for cryptocurrencies has yet to progress through the Indian Parliament.
In a conversation with BeInCrypto, Nischal Shetty – Founder and CEO of Indian crypto exchange WazirX and web3 startup Shardeum, said it is clear that India wants to go towards regulation. He noted that India has taken a very smart approach in realizing that isolated regulation may not be effective.
Shetty said,
“So the best way to bring regulation is to collaborate and try to put a global framework. Which is what our finance minister also keeps saying, and I think that’s the right direction.”
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