India has been playing the role of a pioneer on the international stage as it holds the presidency of the G20, the most influential forum of the world's major economies. Addressing global leaders and cryptocurrency enthusiasts at a major event in Mumbai, India's Finance Minister Nirmala Sitharaman has once again brought the thorny issue of cryptocurrency regulation into the spotlight. Sitharaman said that G20 members are working towards establishing a global crypto framework. Sitharaman also confirmed that the International Monetary Fund (IMF) and the Financial Stability Board (FSB) have submitted their synthesis papers on cryptocurrencies.
Ever since India assumed the presidency of the G20 in 2022, the country has consistently highlighted the need for global cooperation on financial security and stability. This is a remarkable step that reflects the growing influence of India in the financial world. Also shows India's dedication to deal with the challenges posed by the growing cryptocurrency market. Earlier in the meeting on August 28, Indian Prime Minister Narendra Modi also emphasized on global cooperation to prepare crypto regulations among the G20 member countries, which includes 19 countries and the European Union. PM Modi believes that emerging technologies such as cryptocurrencies, which have a global impact, must be accompanied by regulations and frameworks that must be followed globally.
It is worth noting that India has not yet enacted specific legislation to regulate digital currencies within the country. While Cryptocurrencies are not explicitly banned, the government has taken significant measures to address potential risks. These steps include enforcing anti-money laundering (AML) regulations and implementing appropriate taxation on crypto trading. India has also issued its own Presidency Note regarding crypto regulation.
In recent times, India's identity has become very strong at the global level. Every big country, be it America, Russia or Britain, wants to move forward with India. In such a situation, if India creates a framework on cryptocurrency, then all countries can accept it.
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