India’s Finance Minister Advocates for Global Crypto Regulations

Nirmala Sitharaman, India's finance minister, has reportedly stated that a worldwide agreement is required for crypto regulation

Nirmala Sitharaman, India’s finance minister, has reportedly stated that a worldwide agreement is required for crypto regulation to be successful.

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The Finance Minister gave the statement while responding to replying to a query regarding the regulation of crypto during an interactive session with ‘Thinkers Forum’. Sitharaman continued by stating that her viewpoint is predicated on the idea that crypto is entirely digitalized and that establishing control may be quite challenging for individual nations.

“Therefore, all nations must participate in order for it to be effective, given that it is technology-driven by its very nature,” she said.

Global Cooperation Doesn’t Imply Control Over DLT

Notably, Sitharaman stated that she is not implying control over distributed ledger technology. “This is because it has virtues, possibilities, and strengths of its own,” she added.

Interestingly, Sitharaman’s statement aligns with India’s proposal on crypto and was a topic of discussion at the just concluded G20 presidency held in the country.

The G20 Presidency

The G20 is a group of 19 countries and the European Union that represent the world’s major economies. Every year, the G20 Presidency is rotated among its members.

During its presidency, a country has the opportunity to shape the global economic agenda, set priorities for international cooperation, and promote its own interests and priorities. 

Sitharaman’s Role in India’s Crypto Space

Sitharaman, as Finance Minister, has been in charge of developing rules concerning crypto and their regulation. In the past, Sitharaman has expressed concerns about the potential risks associated with cryptocurrencies, such as money laundering, terrorist financing, and tax evasion. 

However, she has also acknowledged the potential benefits of blockchain technology, which underpins cryptocurrencies, such as its potential to improve transparency and reduce fraud.

India Takes Strategic Steps on Crypto Regulation

Despite opposition against crypto in India, the country has taken significant strides to establish prominence in the crypto world. Some active approaches include blockchain adoption, startup support, and crypto regulation or education.

Remarkably, India has been exploring the use of blockchain technology in various sectors which could potentially pave the way for greater adoption of cryptocurrencies. According to an earlier report, India now has 53% of the world’s crypto users, which is five times the amount of users in the US