G20 countries in talks to set up global crypto framework

06 Sep 2023

Discussions are taking place amongst the G20 countries to establish a global framework to regulate crypto assets, according to India’s finance minister, Nirmala Sitharaman.

At this year’s Global Fintech Fest in Mumbai, the finance minister gave an update on the talks regarding global cryptocurrency regulations under India’s G20 presidency. 

“India’s 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,” she stated. 

“Active discussions are happening,” Sitharaman added.

The finance minister went on to discuss the numerous papers that have been presented at G20 meetings in relation to crypto asset regulation from global organisations such as the International Monetary Fund (IMF), the Financial Stability Board (FSB), and the Organisation for Economic Co-operation and Development (OECD).

She made specific reference to the fact that the IMF and FSB have presented their synthesis paper on crypto assets and added that crypto is both “a threat as well as an opportunity. As much as you build firewalls, there are more and more newer ways in which attacks are being made.”

India has been considering crypto regulation for a number of years. A draft crypto bill was presented to the Ministry of Finance back in 2019, but it was never taken up in parliament, Bitcoin.com reports.

India’s government said additional work was required on the bill and highlighted the need for a global, coordinated approach for overseeing the cryptocurrency sector.

Last month, India’s Prime Minister Narendra Modi said crypto needs “a global framework and regulations. The rapid pace of change of technology is a reality — there is no point in ignoring it or wishing it away. Instead, the focus should be on adoption, democratisation, and a unified approach.”

Furthermore, India submitted proposals last month for a roadmap to implement a global regulatory framework for crypto assets. The finance minister has previously stated that India is seeking a common crypto framework for all countries.

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