India Calls for Global Regulation of Crypto Market
2023.02.04 04:07
India Calls for Global Regulation of Crypto Market
By Tiffany Smith
Budrigannews.com – In a recent television interview, India’s Finance Minister Nirmala Sitharaman suggested that regulation “cannot be done” by a single nation and requires an international effort.
On February 3, Sitharaman stated to India’s Rahul Joshi on CNBC-TV18 that the central bank is the “authority for issuing cryptocurrency,” but that the rest of the digital assets created outside the country “use very useful financial technologies.”
Before hosting the G20 Finance Ministers and Central Bank Governors meeting in Bengaluru later this month, Sitharaman stated that India is considering a “global” standard operating procedure (SOP) to be “agreed upon” for regulating crypto assets.
She suggested that global consensus is required for crypto regulations to be effective. She said:
“Regulation cannot be done by any one country alone; it must be done as a group because technology does not group borders.”
Within the G20, a number of nations have recently made numerous changes to crypto regulations.
On February 3, the “token mapping” consultation paper was made available by the Australian Treasury. The authors of the paper suggested modifying existing laws to better accommodate a large portion of the crypto ecosystem, despite the fact that they did not propose any new legislation.
Francois Villeroy de Galhau, governor of the Bank of France, said in a speech in Paris on January 5 that France should act on licensing “as soon as possible” rather than waiting for EU crypto laws.
In order to lessen their reliance on the US dollar, Argentina and Brazil are currently having their own discussions about establishing a “common currency” together.
In the meantime, Huang Yiping, a former member of the People’s Bank of China (PBoC) Monetary Policy Committee, is of the opinion that the Chinese government ought to reevaluate its ban on cryptocurrency trading because it suggests that it might not be able to be sustained in the long run.
