India Seeks to Explore Crypto Regulation Via G20

• India with G20 looking for cryptocurrency legislation. 
• Nirmala Sitharaman pointed out that one country alone cannot do anything.

Despite the challenging global economic conditions, central bank officials strive to stabilize Asia’s third-largest economy. As the Indian Finance Minister Nirmala Sitharaman stated in a LokSabha question hour, the Group of 20 (G20) big economies are exploring “the possibility of regulating cryptocurrencies and crypto mining” as a group.

While China cracking down on crypto miners, the Indian government chairing a meeting under the G20 presidency to explore crypto regulations. Also, India is booming in cryptocurrency mining. Since the country may be an alternative destination for the cryptocurrency arena. 

India Explores Crypto Regulation

The Web3 and the crypto assets sector are both relatively new and developing. Also, these industries are not regulated by any particular laws in India. But the government of Prime Minister Narendra Modi has been considering whether to create a law to regulate crypto. Even outright ban cryptocurrencies for several years, but it has not concluded.  

However, Indian Finance Minister Nirmala Sitharaman believes that technology doesn’t break borders. All countries work together to bring some regulation into crypto mining or digital assets or transactions, said Finance Minister in the LokSabha committee meeting on February 13, 2023. Also, she stated that “one country alone cannot do anything” and;

In the G20, we’re raising it & having detailed discussions with members so that a standard operating protocol emerges which results in a coherent, comprehensive approach where all countries work together in bringing some regulation.

Further, the Finance Minister thinks the cryptocurrency industry should have significant international collaborations to succeed. Moreover, In December 2022, the retail digital rupee or central bank digital currency (CBDC) pilot program was initiated by the Reserve Bank of India (RBI).