Indian Finance Minister: Cryptocurrency regulation requires global consensus

2024-05-21 14:37:48

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ChainCatcher news, Indian Finance Minister Nirmala Sitharaman emphasized during an interview with Businessline on Monday that there is a need for global consensus on cryptocurrency regulation. Sitharaman highlighted the importance of international cooperation, especially within the G20, to address the challenges of cryptocurrency regulation.
Sitharaman explained, "Even before the G20 summit and since 2020, we have been discussing this issue in the Ministry of Finance." She added that the Reserve Bank of India (RBI) also has its own views on the matter. Sitharaman emphasized, "We are very clear that there should be a global consensus on how to regulate cryptocurrencies."

Last week, the Securities and Exchange Board of India (SEBI) provided recommendations on cryptocurrency asset regulation to a government panel, advocating for different regulatory bodies to oversee various aspects of cryptocurrency trading. Meanwhile, the Reserve Bank of India also submitted its views on cryptocurrencies, expressing concerns and highlighting macroeconomic risks associated with cryptocurrencies, as well as issues related to tax evasion and fiscal stability.

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