India’s Finance Minister Nirmala Sitharaman said he wanted to show that India is “progressing rapidly” with digital financial technology as it prepares to assume the presidency of the G20.
Sitharaman speaking at the Indian Council for the Study of International Economic Relations on November 1 Said Indians embrace digital technology “like fish in water”. The Finance Minister added that crypto-asset regulation is likely one of India’s priorities in his G20 leadership, but needs the support of other members.
According to Sitharaman, India had to work with organizations such as the International Monetary Fund, the Financial Stability Board and the Organization for Economic Co-operation and Development to allow “every country to participate and regulate cryptocurrencies.” . assume the presidency of the G20 After being handed over from Indonesia in December.
“No country can successfully go into silos and try to regulate crypto assets individually,” said Sitharaman.
The finance minister said crypto regulation is in India’s national interest as the transactions could be used for “drug financing”, “terrorism financing” or “games for the system”. She urged G20 members to coordinate policies to consider how best to handle crypto assets.
July, Sitharaman Called for global cooperation on cryptocurrencies while addressing potential risks to financial stability. The Reserve Bank of India (RBI) banned banks from providing services to cryptocurrency companies in 2018. This ban was overruled by the Supreme Court in 2020.Since then, central banks have regularly issued a warning about digital assetsciting threats to India’s economy.
However, the RBI announced on 31 October that keep moving forward The release of the central bank’s digital currency, first announced in February. The Digital Rupee Pilot Program for the Wholesale Sector was launched on his 1st November, employing a three-phased approach. Plans to deploy CBDC “With little or no disruption” to the traditional financial system.