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G20 Summit: Global consensus on cryptocurrency regulation emerging

The summit, being held in Delhi on Saturday and Sunday, will take up several global issues including a regulatory framework for cryptocurrencies

Published: Sat 9 Sep 2023, 4:17 PM

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Photo: AFP

Photo: AFP

A global consensus on regulating cryptocurrencies has taken shape during India’s G20 presidency, said the country’s finance minister Nirmala Sitharaman.

"A global consensus on regulating cryptos is emerging under India's presidency," she said. The G20 agenda has also been enriched with a focus on advancing financial inclusion and achieving productivity gains through digital public infrastructure. “We have embedded in the G20 agenda financial inclusion and productivity gains through digital public infrastructure,” she explained.

The G20 Summit, being held in Delhi on Saturday and Sunday, will take up several global issues including a regulatory framework for cryptocurrencies. A presidential note on cryptocurrencies has been prepared by India, offering clarity on integrating virtual digital assets into a country’s digital financial system.

India has for long called for the development of a global framework for decentralised financial products and to curb their misuse for terror funding and money laundering.

Earlier this month, Sitharaman told the Fintech Fest 2023 that “India’s presidency has laid out issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets. Active discussions are happening; content-rich papers from institutions like IMF, FSB, and OECD are all being discussed on various issues.”

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