There was an important development in the cryptocurrency world today. We are faced with a legal regulation regarding Bitcoin and altcoins. In connection with the issue, the Indian Finance Minister spoke about the legal regulation regarding the sector. The statement coming from an important person attracts attention in the sector. Let’s look at the details together.
G20’s role in crypto regulation
Finance Minister Nirmala Sitharaman touched on the issue on Saturday amid ongoing discussions about regulating or potentially banning digital currencies in India. He emphasized that the decision on how to deal with crypto assets will ultimately rest with the G20 group.
Sitharaman said, “I don’t want to get into the discussion about whether crypto should be regulated or banned right now. “The G20 will make a decision on this issue.” Here, Sitharaman clearly answers a question about the government’s stance on digital money.
Different focus on crypto
Sitharaman added that G20 member countries signed an agreement aimed at increasing the financing capacity of the World Bank. He also emphasized that the G20 welcomes the IMF-FSB (Financial Stability Board) crypto synthesis document, which includes a roadmap for creating a coordinated and comprehensive policy and regulatory framework.
Sitharaman states that the Financial Stability Board (FSB) is primarily focused on formulating crypto regulations. On the other hand, he explained that the International Monetary Fund (IMF) is paying more attention to understanding the macroeconomic effects of digital assets. At this point, Sitharaman said, “The synthesis document is something that the G20 membership will examine in detail. “There is another meeting in the field of finance under our chairmanship in Marrakesh,” he added.
The Finance Minister made these statements at a press conference on the sidelines of the G20 summit along with External Affairs Minister S. Jaishankar and G20 Sherpa Amitabh Kant. As Kriptokoin.com, the cryptocurrency industry is facing increasing scrutiny. On the other hand, regulatory discussions continue to develop. Accordingly, the Indian Finance Minister stated that the final decision on crypto regulation will be determined by the G20 consortium. This move shows that a collaborative global approach can shape the future of cryptocurrency regulation and policy decisions.
The legal regulation regarding the crypto money world has been on the agenda for a long time. However, we are in a time when the practices in the world are different. Moreover, there is no legal clarity. An important decision from the G20 will provide the industry with a sense of relief. On the other hand, it will enable institutional investors to enter the field very easily. Legal regulation is important for the whole world.