Regulating crypto without global consensus will not be effective, says FM Sitharaman
The Hindu
Underlining that global consensus is necessary for the regulation of crypto before India makes any move on it, Union Finance Minister Nirmala Sitharaman on April 23 said a global template may have to be created in consideration with other G-20 countries.
Underlining that global consensus is necessary for the regulation of crypto before India makes any move on it, Union Finance Minister Nirmala Sitharaman on April 23 said a global template may have to be created, and everyone will have to work together on it, otherwise regulating it will not be effective.
The Minister, however, said it does not mean controlling of 'distributed ledger technology', which has its goodness and potential.
"The G-20 of which India is currently holding the Presidency, it was India's proposal and it has been taken on board, I'm glad that the G-20 has kept it in its agenda for this year, the IMF has given a paper on cryptocurrency and the way it can affect the macroeconomic stability. The Financial Stability Board (FSB), which was set up by G-20, has agreed to give a report that will also focus on financial stability," Ms. Sitharaman said.
"Their (FSB) report and IMF's report are going to be discussed in July when Finance Ministers and Central Bank Governors will meet under the G-20, and post that in September there will be a summit of Prime Ministers and Presidents of G-20 nations that will be held in India," she said.
The Minister was responding to a question on regulating digital or cryptocurrency during the interaction with 'Thinkers Forum, Karnataka' here.
The First G-20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the G20 Indian Presidency was held during February 24-25 in Bengaluru.
"The underlying principle is because the digital currencies are completely digitalised and technology-driven, the technology, which is very distributed, and sometimes identity is very difficult to be established, but which has potential, it will therefore have to be acted upon only with all countries coming on board," Ms. Sitharaman said.
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