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This week, Indian Finance Minister Nirmala Sitharaman said: Indian Council for the Study of International Economic Relations Indians are embracing digital technology like fish in water, and cryptocurrency regulation could become one of India’s priorities in its future leadership. G20.
Sitharaman also said India needs to work with organizations such as the International Monetary Fund, Financial Stability Board and Organization for Economic Co-operation and Development to ensure that every country can participate and regulate cryptocurrencies. rice field.india is assume the presidency of the G20 He will take over from his current position in Indonesia in December.
Sitharaman’s comment was astonishing. Global collaboration to determine the future of crypto I was pretty cautious about adopting mainstream crypto. cite risks to financial stability.
Ant Paloyan CEO and Executive Director of Cryptocurrency Hedge Fund ARK36commented on the announcement made by Sitharaman:
Indias Finance Minister is probably correct in saying that the introduction of cryptocurrency regulation must be a globally coordinated effort to be effective. A more unified set of rules. could also help investors and players in the cryptocurrency industry gain access to more diverse markets and customers, and help cryptocurrencies gain the status of ubiquitous and global financial assets. To do so, some degree of harmonization of their legal status and a consistent regulatory approach across jurisdictions may be required in the long term.
Whether India is the best country to lead the global effort to regulate digital assets, however, is another matter entirely. I can’t help but notice that so far, India has treated cryptocurrencies as a threat rather than an opportunity. This is especially unfortunate in a country where 20% of the population is unbanked. If accepted, cryptocurrencies could make it easier for people in India to access financial services and make the entire financial system more efficient and equitable.
Instead, the Indian government sees cryptocurrencies as a tool for drug financing, terrorism financing, or simply manipulating the system. Such thinking is outdated and paints a false image of a large, incredibly innovative global industry driven to its core by the ideals of a fairer financial system. It seems that if India wants to succeed in its mission to lead the global effort to regulate cryptocurrencies, it must first make a conscientious effort to better understand the field and its goals. “
