India Calls For Unified International Crypto Policy at G20 Conference

• India asked other countries to consider the long-term effects of crypto assets.
• Sitharaman ended by stressing the need for G20 cooperation on crypto regulation.

Key financial stability and regulatory concerns were covered during the inaugural G20 Finance Ministers and Central Bank Governors (FMCBG) conference under India’s chairmanship. In a recent report, India asked other countries to consider the long-term effects of crypto assets on the global economy and called for the development of a unified international policy.

Given the global nature of crypto assets, India’s Finance Minister Nirmala Sitharaman has long advocated for the development of crypto rules in collaboration with other countries. This kind of thinking has entered the mainstream under India’s G20 presidency.

Need For G20 Cooperation

During their February 24-25 FMCBG meeting, G20 members reviewed the benefits and dangers of technological advances. Policy approaches to expanding financial inclusion and productivity gains for the G20 were also major topics of debate, along with financial stability and regulatory goals.

Sitharaman concluded her speech by expressing her gratitude to those who have backed legislation to regulate cryptocurrency and associated assets. The finance minister specifically asked for a worldwide effort to develop and comprehend the macro-financial ramifications, which might be utilized to alter crypto laws throughout the world.

She then extended her gratitude to the International Monetary Fund (IMF) for publishing detailed research on the macro-financial effects of cryptocurrency. Sitharaman ended by stressing the need for G20 cooperation to encourage responsible technology advancements and maintain the stability of the financial system.

Indian cricket’s governing body, the BCCI, issued a 68-page document warning the Women’s Premier League against accepting cryptocurrency as payment or sponsorship. This comes after the Premier League banned male cricket players in 2022. A few local cryptocurrency exchanges, CoinSwitch Kuber, and CoinDCX have worked with the Indian Premier League before the ban.