The Finance Ministry of India is all set for framing crypto regulations along global consensus in the upcoming G-20 meet.
“Acche Din” anytime soon.
Finance Minister of India, Mrs. Nirmala Sitharaman has given a clear and concise signal in an interview recently, she mentioned that she is expecting a “Collective action” on framing crypto regulations from all the representatives in the upcoming G-20 finance meet later this month.
Considering the fact that this is a revolutionary technology that cannot be grouped under any boundaries, Mrs. Sitharaman aims at a global consensus before framing regulations specifically for any one country. She is hopeful that finance ministers and central bank governors will be in a single line on the terms to agree on crypto regulations in the meeting.
In a recent interview, Sitharaman noted that the digital assets created outside the government framework are “using very useful financial technologies.” This fine financial technology, to be effective, needs an international effort and synchronized actions from all concerned international institutions.
Looking back at the timeline, It becomes quite an interesting read, back in 2017, the Reserve Bank of India (RBI) and the Ministry of Finance warned against digital currencies, calling them Ponzi schemes and prohibiting any operations with them!
To this present time in 2023, where the Ministry of Finance is considering framing a regulation with global consensus, Long way to go crypto heads!
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