India Leads G20 Economies in Discussion on Collective Regulation of Cryptocurrencies
The Group of 20 (G20) big economies is investigating the possibility of regulating cryptocurrencies collectively, according to India’s Finance Minister Nirmala Sitharaman. The G20 countries will discuss the need for regulation in light of the complex technology involved with these virtual assets. India, the current G20 president, has been debating the regulation or even a ban on cryptocurrencies for several years.
Sitharaman stated that one country alone cannot regulate cryptocurrencies and that the G20 nations are considering creating a standard operating procedure that would be followed by everyone to establish a regulatory framework. The Finance Minister also added that India is speaking with all nations to make the regulation effective.
India will host the G20 finance ministers and central bank governors later this month, where the issue of cryptocurrency regulation is expected to be on the agenda. Prime Minister Narendra Modi has previously stated that a collective global effort is necessary to deal with the problems posed by cryptocurrencies.
The Reserve Bank of India has also expressed their views on the matter, stating that cryptocurrencies should be banned as they resemble a Ponzi scheme. The G20 countries will now work together to decide on a regulation that is effective and serves the best interests of the global economy.
The G20 big economies are exploring the possibility of collectively regulating cryptocurrencies in light of the sophisticated technology involved. India, as the current G20 president, will be hosting the finance ministers and central bank governors later this month, where the matter of regulation is expected to be discussed.
Read more:
- A Long-Dormant Bitcoin Whale Is Suddenly Awakening After Nearly 11 Years Of Inactivity
- SOPR Indicator Points Towards Possible Retest In The Bitcoin Market
- Unique Pattern Emerges In The Bitcoin Chart: What It Means For Investors