G20 exploring cryptocurrency regulation, India’s finance minister says

Feb 11 (Reuters) – The Group of 20 (G20) huge economies is exploring whether or not the group may collectively regulate cryptocurrencies, Finance Minister Nirmala Sitharaman mentioned on Saturday.

Given the subtle applied sciences concerned with these digital belongings, international locations should focus on whether or not a given regulation is required, mentioned Sitharaman, whose nation is that this yr’s G20 president.

Prime Minister Narendra Modi’s authorities has for a number of years debated drafting a regulation to manage and even ban cryptocurrencies however has not made a remaining resolution.

“We’re speaking to all nations, that if it requires regulation, then one nation alone can’t do something,” Sitharaman instructed reporters after assembly the central financial institution’s administrators in New Delhi.

“We’re speaking with all nations, if we are able to make some customary working process which is adopted by everybody to make a regulatory framework, and if it may be efficient.

India will host G20 finance ministers and central financial institution governors this month.

Final yr, Modi has mentioned a collective international effort is required to take care of issues posed by cryptocurrencies. The Reserve Financial institution of India has mentioned that cryptocurrencies must be banned as they’re akin to a Ponzi scheme.

Reporting by Nikunj Ohri; Modifying by William Mallard

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