The challenge of regulating cryptocurrencies is at the heart of global debates. The G20, of which India currently holds the presidency, seems determined to develop a unified approach in this regard. India’s Finance Minister, Nirmala Sitharaman, is leading the charge on the front line.
Indian Finance Minister calls for international cooperation
Faced with the decentralized nature of cryptocurrencies, the regulatory challenges are immense. While some oppose the adoption of crypto – and seek to marginalize them – others see, on the contrary, an opportunity to integrate technological innovation into the traditional financial system.
During his speech on Tuesday September 5 in Mumbai, Nirmala Sitharaman the Indian Finance Minister, highlighted the the needs for international cooperation to address the regulation of cryptocurrencies. India’s presidency of the G20 has thus addressed central issues concerning regulation and how critical it is to develop a suitable framework to manage the challenges associated with digital assets.
The Minister has long campaigned for harmonized regulation. She had previously asked the IMF to work on such regulation, and the latter now appears to be actively supporting India in this endeavor.
Towards a G20 consultation on crypto regulation?
The G20 countries are fully aware of the growing impact of cryptocurrencies and blockchain technology. They recognize the urgency for harmonized regulation to ensure financial stability and encourage technological innovation!
The ongoing G20 summit on September 9 and 10 looks set to put this theme at the heart of its deliberations. The presence of influential bodies such as the FSB (Financial Stability Board) and the International Monetary Fund (IMF) augurs well for precise, coordinated guidance in this area. Although India, which currently holds the presidency of the G20, is only in the early stages of developing crypto regulations, the importance attached to this debate already reflects a significant awareness.
The alignment of perspectives on the needs for harmonized cryptocurrency regulation bodes well for the future of the sector. What is at stake, however, is the realization of these exchanges at the G20 summit, which is taking place as we speak.
Coming from a journalism university background, I came across Bitcoin and cryptocurrencies not long ago.
The potential of the Blockchain seduced me and I made it my research topic.
