India Discusses Global Crypto Regulation with G20: Minister Sitharaman

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India is discussing with members of the Group of 20 ways to develop a standardized global framework to regulate cryptocurrencies, Finance Minister Nirmala Sitharaman said on Saturday.

If tech-focused assets such as cryptocurrencies are to be regulated, “one country cannot do anything,” Sitharaman told a news conference after a customary post-budget meeting with the board. of the Reserve Bank of India in New Delhi.

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“That’s why we are talking with each country about whether we can define a standard operating procedure that we can all adopt and create a regulatory framework,” she said.

India holds the G-20 presidency this year and crypto regulation and climate change are likely to be among the many topics of discussion.

Sitharaman’s comments echo those of the International Monetary Fund, which has focused on developing global standards to regulate cryptocurrencies. “Ultimately, we need robust, comprehensive, and globally consistent crypto regulation and supervision,” the IMF’s Bo Li and Nobuyasu Sugimoto wrote in a blog post last month.

Although India does not ban the trading of crypto assets, it introduced a severe tax rate last year, virtually stifling activity. Offsetting the losses of one crypto asset with the gains of another has also been prohibited.

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