Nirmala Sitharaman, the finance minister of India, which currently holds the presidency of the G20, announced that the group of major economies is investigating the possibility of coordinating on crypto regulation.
Sitharaman acknowledged the advanced technology behind virtual assets, saying that it requires a global conversation on regulatory actions. “We are talking to all nations, that if it requires regulation, then one country alone cannot do anything,” Sitharaman said. “We are talking with all nations, if we can make some standard operating procedure which is followed by everyone to make a regulatory framework, and if it can be effective,” she added.
India’s Stance on Crypto
Despite the Indian government and the Reserve Bank of India’s past opposition to decentralized cryptocurrencies, the central bank has shown a strong interest in central bank digital currencies. In late 2022, the bank initiated a pilot for a wholesale digital rupee with the aim of reducing transaction costs and the need for collateral when trading government securities.