India Urges Coordinated Global Effort for Crypto Regulations at G20 Meeting
India is pushing for coordinated global policy on crypto regulation, according to Finance Minister Nirmala Sitharaman.
India’s Finance Minister, Nirmala Sitharaman, has called for coordinated efforts among G20 nations to reform global crypto regulations, highlighting the need to better understand crypto assets’ macro-financial implications.
During the first G20 Finance Ministers and Central Bank Governors meeting held under India’s presidency, members discussed the potential of technology innovations, including the associated risks. They emphasized the importance of balancing these risks to ensure financial stability.
Union Finance Minister Smt. @nsitharaman & Shri @DasShaktikanta, Governor @RBI steered #G20 discussions in 2nd session on key financial sector and #FinancialInclusion issues during the 1st #G20 #FMCBG meeting under #G20India Presidency, in Bengaluru, today. (1/6) pic.twitter.com/bRtFmrBL9x
— Ministry of Finance (@FinMinIndia) February 24, 2023
In her closing remarks, Sitharaman welcomed support for reforms related to crypto assets and urged G20 nations to collaborate in their efforts to support responsible technological innovations and safeguard the financial system’s stability.
She also thanked the International Monetary Fund (IMF) for releasing a comprehensive paper on the macro-financial implications of crypto assets, signaling India’s commitment to creating crypto regulations in partnership with other jurisdictions.
This is not the first time Sitharaman has supported coordinated crypto regulations across jurisdictions.
Given the global reach of crypto assets, she has previously emphasized the need for a coordinated policy approach to ensure the safety and security of the financial system. With India’s G20 Presidency now underway, this narrative is becoming a mainstream topic of discussion.
While India continues to push for coordinated global policy on crypto assets, the Board of Control for Cricket in India (BCCI) has released an advisory that restricts Women’s Premier League franchisees from undertaking partnerships or associations with entities that are involved or operate, directly or indirectly, in the cryptocurrency sector. This follows a ban on crypto advertising and sponsorships in the men’s cricket Premier League, which was introduced in 2022. Before the ban, the Indian Premier League collaborated with at least two local crypto exchanges, CoinSwitch Kuber, and CoinDCX.
India’s efforts to promote responsible technological innovation while safeguarding financial stability through coordinated global crypto regulations come at a time when crypto faces increased scrutiny from regulators worldwide. As governments grapple with the regulatory challenges posed by crypto assets, it remains to be seen whether coordinated efforts like those proposed by India will lead to a more coherent and consistent regulatory framework for crypto assets globally.