Indian Finance Minister: Crypto Regulation Needs Global Consensus

Indian Finance Minister Nirmala Sitharaman has stressed the importance of global consensus on cryptocurrency regulation. In an interview with Businessline, she emphasized the need for international cooperation, particularly within the G20, to address the challenges of regulating digital assets. Sitharaman stated that discussions within India’s Finance Ministry have been ongoing since 2020, and the Reserve Bank of India also has its own perspective on crypto regulation. The minister believes that unilateral regulation is ineffective due to the borderless nature of cryptocurrencies and highlighted the need for a global understanding and collaboration. She clarified that while there are differing opinions among Indian regulators, there is currently no significant confusion. Last week, a government panel received recommendations from the Securities and Exchange Board of India and the Reserve Bank of India regarding crypto regulation. India currently does not have a dedicated regulatory framework for cryptocurrencies, but discussions and efforts towards developing one are underway.