India’s Finance Minister has urged the G20 states to establish uniform standards for regulating cryptocurrencies worldwide.
Nirmala Sithamaran asserts that the collapse of cryptocurrency companies, which has adversely affected investors across the globe, could not have been avoided through scattered efforts.
Thus, there is a need for a unified approach to address the risks that the cryptocurrency industry poses.
Speaking at the Peterson Institute for International Economics in Washington, the Indian Finance Minister announced that “Cryptocurrencies have become a significant part of our discussions given the many upheavals in the crypto industry.
We aim to develop a common regulatory framework for all countries to address this issue.”
Sithamaran believes that the G20 should unite the world’s economies to combat the debt crisis and hyperinflation in small countries such as Sri Lanka and Ghana.
The G20 has seven months to develop a regulatory framework for cryptocurrencies before the Indian presidency ends in November.
The Financial Stability Board (FSB) is also preparing cryptocurrency regulation standards for the “Big Twenty” by July this year.