Under India’s G20 presidency, active discussions around establishing a global framework for cryptocurrencies are underway, India’s minister of finance Nirmala Sitharaman has said.
On Aug. 28, Indian Prime Minister Narendra Modi pushed for global collaboration on formulating crypto regulations among G20 (Group of 20) member states, which include 19 countries and the European Union. Modi believes that emerging technologies — like cryptocurrencies — that have global impact should be accompanied by regulations and framework that is adhered to globally.
Sitharaman confirmed that the G20 members are working toward this vision of establishing global crypto framework during the Global Fintech Fest on Sept 5.
During the summit, Sitharaman said crypto was a “threat as well as an opportunity.” She highlighted the need for global co-operation to build a responsible financial ecosystem that can effectively help regulate cryptocurrencies worldwide. “Global co-operation is absolutely critical,” she added.
“In an inter-connected world, financial technology transcends broders, therefore, making cross-border partnerships absolutely crucial.”
Ever since India took over the G20 presidency in Q4 2022, the country consistently highlighted the need for global collaboration when it comes to financial security and stability. However, the finance minister confirmed that G20 members are together working on the the highly anticipated crypto regulations.
“India’s (G20) presidency has laid out issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets. Active discussions are happening, content-rich papers from institutions like IMF, FSB, OECD are all being discussed on various issues.”
Sitharaman also confirmed that the International Monetary Fund (IMF) and the Financial Stability Board (FSB) have submitted their synthesis papers on cryptocurrency.
India’s rising interest in blockchain and crypto becomes more evident after the National Payments Corporation Of India’s (NPCI) recent job posting. NPCI, an initiative led by the Reserve Bank of India (RBI) and 247 Indian banking companies, is looking to hire a head of blockchain.
The ideal candidate will be a seasoned technologist with at least six years of experience in developing and implementing blockchain, who will be primarily tasked with identifying “avenues wherever blockchain-driven solutions can be used.”