Cryptocurrency regulation: FM Nirmala Sitharaman makes an important announcement on cryptos

Crypto Regulation: FM Nirmala Sitharaman Makes Important Crypto Announcement | India's stance on cryptocurrencies (Twitter: Finance Minister Nirmala Sitharaman's official Twitter account)

Washington D.C.: Finance Minister Nirmala Sitharamansaid on Friday that the G20 group of nations agrees that the regulation of CRYPTOCURRENCIES it has to be global. Addressing a press conference in Washington DC, Sithataman said there is greater acceptance among G20 members that a coordinated understanding would be needed to deal with crypto assets and regulate them.

“I am pleased to say that there is a greater acceptance among all G20 members that any action on crypto assets will have to be global,” Sitharaman said. “I think the G20 has responded quite quickly (to the cryptocurrency challenge),” he added.

Governor of Sitharaman and the Reserve Bank of India (RBI) Shaktikanta Das co-chaired a meeting of finance ministers and central bank governors from G20 member countries on the sidelines of the annual meeting of the International Monetary Fund (IMF) and the world Bank.

Crypto Asset Regulation Needs Globally Coordinated Understanding: FM

“The G20 and its members agree that it will not be possible to have an independent, independent country dealing with crypto assets and that it must have a globally coordinated understanding on how to regulate crypto assets,” he said in response to a question.

Sitharaman said that there will be a discussion on the issue in September and October to decide the roadmap for dealing with cryptocurrencies. The Finance Minister further said that crypto assets, particularly those outside of central banks, being not backed by any sovereign assets, can cause macroeconomic instability.

Cryptocurrency regulation: FM Nirmala Sitharaman makes an important announcement on cryptos | India’s stand on crypto

Crypto Asset Regulation Needs Globally Coordinated Understanding: FM

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