Nirmala Sitharaman, India’s Minister of Finance, stated that active deliberations regarding the establishment of a global framework for cryptocurrencies are taking place under India’s Group of 20 (G20) presidency.
On August 28, Indian Prime Minister Narendra Modi advocated for global collaboration on the formulation of cryptographic regulations among the 19 G20 member states and the European Union. Modi believes that emerging technologies with a global impact, such as cryptocurrencies, should be accompanied by global regulations and a framework.
During the September 5 Global Fintech Fest, Sitharaman affirmed that G20 members are working towards establishing a global crypto framework.
During the summit, Sitharaman described crypto as a “threat as well as an opportunity. She emphasised the need for global cooperation in order to construct a responsible financial ecosystem that can effectively aid in the global regulation of cryptocurrencies. “Global cooperation is absolutely critical,” she added.
“In a globally interconnected society, financial technology transcends borders, making cross-border partnerships absolutely essential.”
Since assuming the G20 presidency in the fourth quarter of 2022, India has consistently emphasised the need for global collaboration on financial security and stability. However, the minister of finance verified that G20 members are collaborating on highly anticipated cryptocurrency regulations.
“India’s G20 presidency has enumerated issues related to crypto asset regulation or recognised the need for a framework. Active discussions are occurring; papers with substantial content from institutions such as the IMF, FSB, and OECD are being discussed on a variety of issues.”
Sitharaman also disclosed that the International Monetary Fund and the Financial Stability Board have submitted cryptocurrency-related synthesis papers.
India’s expanding interest in blockchain and crypto becomes more evident after the National Payments Corporation of India’s (NPCI) recent job posting. NPCI, an initiative spearheaded by the Reserve Bank of India and 247 Indian banking institutions, seeks to employ a blockchain leader.
The ideal applicant will be a seasoned technologist with at least six years of blockchain development and implementation experience who can identify “venues where blockchain-driven solutions can be implemented.”