Indian Finance Minister Nirmala Sitharaman has called for a global consensus on cryptocurrency regulation, saying that technology-driven assets require all countries to come together to effectively regulate them.
In a speech at an event in Bengaluru, she emphasized the need to govern private digital assets while allowing them to operate freely. Sitharaman clarified that this did not entail control over distributed ledger technology.
The regulation of digital assets is a key agenda for India’s G20 presidency this year. The country is pressing for global cooperation to build an appropriate framework for cryptocurrency regulation.
The International Monetary Fund (IMF) has also released a report examining the possible influence of private digital assets on macroeconomic stability.
Additionally, the Financial Stability Board (FSB), established by G20, issued a report on financial stability in relation to decentralized finance and cryptocurrencies.
India plans to take the lead in addressing the difficulties posed by cryptocurrencies and developing a framework for their regulation.
In September, the country will host a meeting bringing together G20 Presidents and Prime Ministers to tackle the subject of digital asset regulation.
The Reserve Bank of India (RBI) has maintained a strict view regarding cryptocurrencies, with Governor Shaktikanta Das advocating for strict measures, including a possible ban on private cryptocurrencies, warning that their growth could lead to the next financial crisis.