Regarding cryptocurrency regulation, talks have been going on inside India's Finance Ministry as well as in cooperation with the Financial Stability Board (FSB), the International Monetary Fund (IMF), and others. Sitharaman thinks that because cryptocurrencies are international in scope, unilateral regulation is useless.
During India's presidency of the G20, we discussed it. We carried FSB and IMF. Well-written submissions were made. A great deal of conversation happened. When everyone is in agreement, I want to follow the path of global understanding," she emphasized. "It won't help to bring regulations to just one country without a global understanding on a technology that transcends national boundaries. No nation could prosper in cryptocurrencies, even if they wanted to.
The Securities and Exchange Board of India (SEBI) recommended that different authorities be in charge of different aspects of cryptocurrency trading in a report it gave to a cabinet panel last week. The Reserve Bank of India also provided input on cryptocurrencies at the same time. The central bank voiced its worries, stressing the macroeconomic dangers of cryptocurrencies and the problems with tax evasion and budgetary stability.
At the moment, India lacks a specific regulatory framework for cryptocurrencies. A government commission drafted a measure in 2021, but it hasn't been introduced yet to control digital assets. The cryptocurrency exchanges Binance and Kucoin have just been approved as virtual asset service providers by the Financial Intelligence Unit - India (FIU-IND), which keeps an eye on 47 businesses connected to cryptocurrencies. The Indian finance minister stated in March that she anticipated G20 talks will result in the creation of a cryptocurrency regulatory framework.
What do you think of Indian Finance Minister Nirmala Sitharaman's emphasis on international cooperation through groups like the G20 and her push for a worldwide agreement on cryptocurrency regulation? Tell us in the space provided for comments below.
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