The world’s biggest economies are reportedly exploring the idea of collectively regulating cryptocurrencies.
According to Reuters, the Group of Twenty (G20), whose members account for around 90% of the world’s gross domestic product and 80% of international trade, is looking at whether it could create a regulatory framework for crypto assets.
India, which currently holds the G20 presidency, has already introduced a bill to regulate the cryptocurrency market in the country.
India’s Finance Minister Nirmala Sitharaman says member countries need to discuss whether or not crypto regulation is necessary considering the sophisticated technologies involved with the nascent asset class.
“We are talking to all nations, that if it requires regulation, then one country alone cannot do anything…
We are talking with all nations, if we can make some standard operating procedure which is followed by everyone to make a regulatory framework, and if it can be effective.”
Late last year, Sitharaman said that crypto asset regulation will be a big topic of discussion under India’s G20 presidency.
“No one single country can succeed individually, being in a silo and trying to regulate the crypto assets…
We need to have the members of G20 come on board to see what best needs to be done.”
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