India to bring crypto regulation agenda in G20 meeting says Finance Minister Nirmala Sitharaman

The 17th G20 meeting with the Heads of state and government will take place on 22nd of November in Bali, Indonesia. The summit scheduled in the last quarter of 2022 will mark the discussion around the themes as follows:

1. Global Health Architecture
2. Digital economy Transformation
3. Energy Transition

India Finance Minister Nirmala Sitharaman, while addressing the members of the Indian Council for Research on International Economic Relations (ICRIER), the keynote for the upcoming G20 conference stated the nation’s 8 priorities that are still in the process besides one unfinalized agenda of regulating crypto assets globally. Currently, nothing concrete is decided or came out in the news, a mere idea of regulating crypto assets is presented as one of the priorities and points of major focus of the Indian government for the coming year in the national interest. Furthermore, Urging the G20 countries to be in cahoots with regulating the crypto assets, so as to have a little structure of management to this decentralized form of digital transactions that is robustly catching all the attention.

Nirmala Sitharaman India’s Finance Minister Proposes the idea of regulating the crypto assets with all the countries of G20 to be on board as she further adds “No one, single country can succeed in individually being in the silo and trying to regulate the crypto assets” to find the procedure in which it can be managed in a better manner worldwide to blaze its way towards prosperity and progress as she admits deliberately using the term ‘crypto assets’ by further explaining her stance “I use the word crypto assets because I distinctly would stand outside of the RBI which is bringing the currency and talk about the world which prevails outside where assets are being created and traded. Regulating them in National interest because you don’t know what trail leads you to, is it a drug funding, is it terror funding, or is it just gaming the system.”

G20 or Group of 20 is an intergovernmental forum consisting of 19 countries, including developed and developing nations, Plus the European Union. Held once in a year since 2008, where the Head of the state or government, Finance Minister, or other high-rank officials attend this summit, discussing the point of concern and tailoring distinguished themes to iron out every year. The discussion with an absolute solution when implemented, engenders growth and prosperity to the concerned aspect. G20 tries to look after every vertical of the world that can do with a splash of amendment to be relevant ahead as well.