Crypto regulation among G20 ahead of India’s presidency
India is in talks with the G20 members on the need for a crypto standard operating protocol (SoP). Indian Finance Minister Nirmala Sitharaman made the statement when asked about broad regulation of crypto assets.
The FM said in the parliamentary House of Commons, “In the G20 we take it up and have detailed discussions with the members so that a standard operating protocol emerges, resulting in a coherent, comprehensive approach where all countries work together to bring about some regulation.”
India’s Future Roadmap for Crypto Regulation
The minister answered a question about the country’s future road map for regulating the web3 sector. On 1 December 2022, India took over the G20 presidency from Indonesia.
Sitharaman stressed: “At the moment they are [cryptocurrencies] is largely unregulated in India”
Technology drives all mining and crypto transactions, the minister pointed out. Which, according to her, makes it impossible for a single nation to manage or regulate crypto effectively.
According to Sitharaman, there is a growing consensus and that is why we are raising this issue at the G20. She said this will ensure that an SoP is established after the G20 discussions and that all countries work together to bring about regulations, whether they relate to mining or transactions.
Meanwhile, the Union Finance Minister said cryptocurrency is 99% technology at a seminar on February 11.
FM pushes global consensus
On crypto regulation, Sitharaman reiterated last year that crypto regulation requires international consensus. She noted that any legislation for regulation or prohibition can only be effective after extensive international cooperation in assessing risks and benefits and developing common taxonomies and standards.
Pankaj Chaudhary, a minister of state for finance, responded to another question by saying that the government is coordinating with G20 nations to develop an international framework for the regulation of crypto-assets.
He said: “The government is engaging with G20 countries to build international coordination on the policy approach to crypto-assets.”
Last month, Rajeev Chandrasekhar, India’s Minister of State for Electronics and IT, claimed that crypto trading in India is fine as long as all rules are followed. Meanwhile, Moneycontrol highlighted in its report that by 2032, web3 businesses could have contributed $1.1 trillion to India’s GDP.
And with a national web3 policy, it can take advantage of the space.
Disclaimer
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