Regulating cryptocurrencies without global consensus will be ineffective: Finance minister


Regulating cryptocurrencies without global consensus will be ineffective: Finance minister

Nirmala Sitharaman said that we may need to create a global template for cryptocurrencies.


Emphasizing the need for a global consensus on cryptocurrency regulation, Federal Finance Minister Nirmala Sitharaman may need to create a global template on Sunday before India moves into cryptocurrencies. and that everyone needs to cooperate with it. It does not work.

However, the minister said that does not mean controlling the “distributed ledger technology” for all its goodness and potential.

“The G20, which India is currently chairing, was an Indian proposal and has been accepted. I am pleased that the G20 has kept it on the agenda for this year. The established Financial Stability Board (FSB) has agreed to submit a report that also focuses on financial stability,” Sitharaman said.

“Their (FSB) report and the IMF report will be discussed in July when finance ministers and central bank governors meet under the G20, and in September at a summit of G20 prime ministers and presidents. will be held in India,” she said.

The minister was answering questions about digital or cryptocurrency regulation during a correspondence with Bengaluru’s ‘Forum of Thinkers, Karnataka’.

The first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the G20 Indian Presidency was held in Bangalore from 24-25 February.

“The basic principle is that digital currencies are fully digital and technology driven, so the technology is very decentralized and it can be very difficult to establish an identity, but the potential All we have to do is act because there is, all countries will participate,” Sitharaman said.

“In the technology-driven cryptocurrency issue, no country can effectively control it individually, because technology has no borders, it can just pass through. The nature of it requires all nations to: If you don’t get on board, it won’t work,’ she said.

Furthermore, noting that the understanding at the G20, along with other organizations such as the OECD (Organization for Economic Co-operation and Development), the IMF and the World Bank, is that there may be a need to develop a global template, Ministers He said: “We all have to work together, otherwise regulating cryptocurrencies may not be effective.” It has its goodness, its potential, its unique strengths, and we keep that in mind,” she added. Sitharaman stressed that today’s India is being watched by the international community for how it has forged its own path through the pandemic, the Russian-Ukrainian war and its ramifications, stating that India’s inflation today is priceless. said it was primarily “imported” for of fuel and fertilizer.

“I mean, your own source of inflation may be on the supply side, but you’re taking it all in. Inflation in India we know and all governments are fighting it. But , the pressure on inflation in India today is mainly due to prices,” she said, adding that Prime Minister Narendra Modi is trying to keep the Indian people from suffering in the midst of this situation.

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