India will be taking up the presidency of the G20 group and will continue to preside the international union for the next one year, starting in December, according to Finance Minister Nirmala Sitharaman. Among its top priorities, India is looking to work with the other 19 member nations of the G20 in formulating a framework around cryptocurrencies, that would work on an international level.
In a recent press briefing, the Finance Minister said that deciding on the role of crypto in the existing fintech setup in part of India’s prioritised agendas during its year-long G20 presidency.
Finance Minister Nirmala Sitharaman said that no one country can handle and formulate effective rules to safeguard the crypto community from prevalent market volatility as well as the exploit cases of digital assets, on its own.
Nirmala Sitharaman Said :
Mohammed Roshan, CEO & Co-founder of GoSats said that Nirmala Sitharaman is right about call for a global standard on regulations, rather than each nation having separate policies.
Mohammed Roshan Said :
The members of the G20 including Argentina, Australia, Brazil, Canada, China, and France, among many others are already reviewing a draft of legal framework around the crypto sector.
Curated by the Organisation for Economic Cooperation and Development, or OECD, the draft rules present to the G20 aim to bring more accountability to crypto transactions as oppose to the current ‘largely anonymous’ crypto transfer facilitations.
Since cryptocurrencies are not govern by any central bank or a regulatory body, they are often misuse for transferring large amounts of money to cross border locations, under a shroud of anonymity.
In her speech at the recent press briefing, the Finance Minister note that the use of crypto in money laundering is a problematic issue linked with digital assets.
Many other member nations of the G20 have also express concerns over the same subject, Nirmala Sitharaman noted, while reiterating the need for an international consensus on crypto rules.
Nirmala Sitharaman Said :
In a recent report, KuCoin crypto exchange claim that India currently has over 115 million crypto investors, making for 15% of its massive population.
Reserve Bank of India (RBI) favours a ban on the cryptocurrency sector, in the backdrop of which, the Finance Minister had call for global support on crypto regulations in July.