India’s Finance Minister, Nirmala Sitharaman, has revealed that the G20 nations are actively discussing the introduction of a unified framework for cryptocurrency regulations in their jurisdictions.
Speaking at an event in Mumbai ahead of the upcoming G20 summit on September 5, 2023, Sitharaman stated that “active discussions are happening” on the issue. She also highlighted the need for collaboration among all nations to regulate cryptocurrencies effectively.
India has been actively leading the charge for a coordinated cryptocurrency regulation framework within the G20, and this recent announcement marks a significant stride in that direction. The unified framework is expected to introduce transparency into the cryptocurrency industry and encourage widespread adoption by mainstream financial institutions.
Sitharaman stated:
“India’s (G20) presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets.“
In July 2023, the Financial Stability Board (FSB) published recommendations for a global regulatory framework for crypto-asset activities in response to a request from the G20. The FSB proposed a “global baseline” with minimal requirements, allowing individual jurisdictions to exceed these standards as they see fit.
The Basel Committee and the International Organization of Securities Commissions (IOSCO), global banking and securities oversight bodies, are expected to refine the regulations set forth by the FSB.
Furthermore, FSB members have committed to implementing these regulations, and the FSB plans to assess their implementation by the end of 2025.
The G20 Summit, scheduled to commence on September 9 and run for two days, will bring together leaders and representatives from 40 nations, including the 20 member states, in New Delhi, India’s capital. Notable figures in attendance will include US President Joe Biden, Canadian Prime Minister Justin Trudeau, French President Emmanuel Macron, and heads of international organizations such as the World Bank and IMF. Notably, Russian and Chinese leaders have announced their absence from the summit.
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