Indian Finance Minister Emphasizes Need for Unified Crypto Regulation

• Sitharaman acknowledged that the G20 was looking to the IMF and the FSB for guidance. 
• The finance minister pushed for quick action on digital assets at a G20 meeting.

The government of India has always taken a relaxed approach to draft legislation for the nascent cryptocurrency sector. But this time, India’s Finance Minister Nirmala Sitharaman has emphasized the need for immediate awareness of the problems associated with crypto assets.

Indian lawmakers, it has been said, pushed for quick action on digital assets at a G20 meeting of finance ministers and central bank governors. She stressed the need for the G20 to ensure they don’t miss out on any opportunities for gain while protecting economies.

Furthermore, she acknowledged that the G20 was looking to the IMF and the FSB for guidance. She suggested that the two bodies produce a synthesis paper. That included both the regulation and macroeconomics of digital crypto assets. It is hoped that this action will reveal vital parts of the governing system.

Reached a Consensus on Unified Framework

This comes at a time when financial authorities all across the world are issuing warnings against trading in digital currencies. While significant regulators including the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission have filed charges against several crypto assets and leaders.

The minister reportedly said that G20 members had reached a consensus on the need for a unified worldwide framework to regulate cryptocurrency. However, this should cover the whole gamut of developing market hazards.

This year, the global digital asset market was able to rebound from the lows it hit in 2022 and recapture the $1 trillion barrier. Moreover, Bitcoin, the most valuable cryptocurrency, however, has increased by 84% YTD.