India is making progress toward international crypto regulation
The G20 nations are aiming to build a Global Crypto Framework, as stated by India’s Finance Minister Nirmala Sitharaman.
As the current president of the Group of Twenty, the most powerful forum of the world’s leading economies, India has been an inspiration on the global scene. India’s Finance Minister Nirmala Sitharaman addressed world leaders and cryptocurrency enthusiasts at a large event in Mumbai, once again bringing the contentious topic of cryptocurrency regulation into the limelight.
According to Sitharaman, the G20 is attempting to create a unified crypto regulatory framework. Sitharaman also acknowledged that the IMF and the Financial Stability Board had both submitted their cryptocurrency synthesis papers.
India has been a strong advocate for international collaboration to ensure financial security and stability ever since it took over the G20 leadership in 2022. This is a huge move for India, and it shows how much impact the country is having on the global financial system. This also demonstrates India’s will to meet the difficulties of the expanding crypto business.
The G20 consists of 19 nations and the European Union, and on August 28, Indian Prime Minister Narendra Modi underlined the need of international collaboration in drafting crypto legislation. PM Modi is of the opinion that emergent technologies with global effects, like cryptocurrencies, should be supported by internationally consistent frameworks and rules.
It’s important to remember that India hasn’t passed any laws specifically regulating virtual currencies just yet. Although the government does not prohibit cryptocurrencies outright, they have made major efforts to mitigate the threats they may pose.
Among these measures are the implementation of suitable taxes on crypto trading and the enforcement of anti-money-laundering (AML) rules. The Presidency Note on Cryptocurrency Regulation was also released by India.