The G20 is investigating the possibility of coordinating crypto legislation

According to Nirmala Sitharaman, the G20 is looking into the possibility of coordinating cryptocurrency regulation.

Nirmala Sitharaman, the finance minister of India, which is currently serving as president of the Group of Twenty, recently stated that the group is investigating the possibility of coordinating crypto regulation.

According to a report from Reuters, Sitharaman cited the sophisticated technology that underpins virtual assets as requiring discussion on regulatory actions. The government of Sitharaman’s country, which is led by Prime Minister Narendra Modi, and the country’s central bank have long debated laws that could potentially ban cryptocurrencies. Sitharaman stated that if there is a need for regulation, then a single nation cannot solve the problem on its own. 

Sitharaman also said that discussions are underway with other countries to see “whether we can develop some standard operating procedure which is followed by everyone to build a regulatory framework, and if it can be successful.”

In spite of the fact that both the Indian government and the Reserve Bank of India have traditionally held a position of hostility towards decentralized cryptocurrencies, India’s central bank has recently demonstrated a strong interest in the concept of central bank-issued digital currencies.

It started a pilot program for a wholesale digital rupee towards the end of the previous year with the goal of lowering transaction costs and eliminating the need for collateral when trading government securities.

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