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- India desires to bring up cryptocurrency for debate at the G20 summit.
- India will hold the G20 Presidency from December 1, 2022, to November 30, 2023.
India is planning to discuss crypto regulation during its G20 presidency members. Finance minister Nirmala Sitharaman revealed on Saturday that the Indian government hopes to arrive at the framework or Standard operating procedures (SOP).
Finance Minister Discuss About the Regulatory Framework
She also told a group of Indian reporters that cryptocurrency will be on the agenda during India’s G20 presidency. Nothing, various organizations are conducting their cryptocurrency research.
She also stated that they would want to compile all of this information and conduct some research before bringing it to the G20 table. To discuss and hopefully arrive at a framework or SOP so that countries can have a technology-driven regulatory framework.
India will hold the G20 Presidency from December 1, 2022, to November 30, 2023. Ultimately resulting in the G20 Summit in India in 2023. The G20 is the predominant leader in international economic cooperation and a key player in global economic governance.
Sitharaman has frequently discussed the need for global crypto regulation to address issues related to their misuse for malicious ends such as money laundering and terrorism. During a panel discussion with the International Monetary Fund (IMF), the FM stated that India did not recognize crypto assets and that crypto in India was illegal.
Finance Minister said that
The central bank has yet to develop a digital currency; it will happen sometime in 2022-23, but in the meantime, we are unsure about the veracity of the data. Regulation cannot be done by a single country…to do it across borders, tech does not have a solution acceptable to various countries.
She met with World Bank Group President David Malpass in Washington, DC, where they debated a variety of issues, including India’s G20 leadership, bolstering the capital adequacy framework of (Multilateral Development Banks) MDBs, and tackling debt risks.
The FM thanked him for attending a production planning committee meeting and for his assistance to India over the previous two years, especially in raising the single borrower limit.