G20 exploring cryptocurrency regulation, India’s finance minister says By Reuters

© Reuters. FILE PHOTO: Indian Finance Minister Nirmala Sitharaman speaks throughout a facet occasion on the G20 Finance Ministers and Central Financial institution Governors Assembly in Nusa Dua, Bali, Indonesia, 14 July 2022. Made Nagi/Pool by way of REUTERS

By Nikunj Ohri

(Reuters) – The Group of 20 (G20) massive economies is exploring whether or not the group may collectively regulate cryptocurrencies, Finance Minister Nirmala Sitharaman stated on Saturday.

Given the subtle applied sciences concerned with these digital belongings, nations should talk about whether or not a given regulation is required, stated Sitharaman, whose nation is that this 12 months’s G20 president.

Prime Minister Narendra Modi’s authorities has for a number of years debated drafting a regulation to manage and even ban cryptocurrencies however has not made a closing choice.

“We are talking to all nations, that if it requires regulation, then one country alone cannot do anything,” Sitharaman informed reporters after assembly the central financial institution’s administrators in New Delhi.

“We’re speaking with all nations, if we are able to make some commonplace working process which is adopted by everybody to make a regulatory framework, and if it may be efficient.

India will host G20 finance ministers and central financial institution governors this month.

Final 12 months, Modi has stated a collective world effort is required to take care of issues posed by cryptocurrencies. The Reserve Financial institution of India has stated that cryptocurrencies ought to be banned as they’re akin to a Ponzi scheme.

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