G20 Countries Will Set Crypto, Here's What The Ministry Of Finance Of India Says!

Indian Finance Minister, Nirmala Sitharaman (Photo; Twitter @nsitharamanoffc)

JAKARTA The group of countries with the largest economies in the world, known as the Group of Twenty (G20), is considering ideas to jointly regulate cryptocurrencies.

The G20 consists of members who account for about 90 percent of global gross domestic product and 80 percent of international trade. They want to create a regulatory framework for crypto assets.

India, which currently leads the G20, has submitted a bill to regulate the cryptocurrency market in its country. India's Finance Minister, Nirmala Sitharaman, said member states needed to discuss whether crypto regulation was needed given the advanced technology involved in these new assets.

Sitharaman also emphasized the importance of international cooperation in regulating crypto assets. According to him, one country cannot succeed individually in regulating crypto assets. Therefore, he spoke with all members of the G20 to create an effective regulatory framework.

"We are talking to all countries, that if it requires regulation, then a single country cannot do anything... We are talking to all countries, if we can make some standard operating procedures that everyone follows to create a regulatory framework, and if that can be effective," said Indian Minister of Finance, Nirmala Sithrirman.

Crypto asset regulation became the main topic of discussion in India's G20 presidency late last year. G20 member countries must join forces and work together to find the best solution in regulating crypto assets.

At the end of 2022, Sitharaman said that crypto asset regulation would be a topic of great discussion under India's G20 presidency.

"No single country can succeed individually, be in one environment and try to regulate crypto assets... We need to invite G20 members to participate to see what is best to do," Sithurman was quoted as saying by Reuters.