In the words of Nirmala Sitharaman, “There is an understanding that we need to have some kind of regulation, and that all the countries will have to be true together on it, no one country is going to be able to singularly handle it.”
Nirmala Sitharaman, the Finance Minister of India, said that creating a regulatory framework for cryptocurrency will be a part of the nation’s agenda during its G20 presidency next year.
India will oversee the G20’s operations by assuming the presidency of the conglomeration for a year starting December 2022.
Sitharaman claimed that the other G20 countries are conducting their own research into the crypto industry. She hopes to accumulate and build up on the information gathered by the nations and added that no single country can effectively handle crypto regulation.
“We would definitely want to collate all this and do a bit of study and then bring it on to the table of the G-20 so that members can discuss it and hopefully arrive at a framework or SOP.”
It is worth noting that Sitharaman has pressed for the global regulation of crypto assets for quite some time. In July, she stated that the RBI, the Indian Central Bank, seeks to ban cryptocurrencies due to their “destabilizing effect” on the monetary and fiscal stability of a nation.
