The post India Aims for Comprehensive Crypto Regulation through G20’s Standard Operating Protocol appeared first on Coinpedia Fintech News
India’s Finance Minister, Nirmala Sitharaman, has stated that standalone efforts by countries to regulate cryptocurrencies are unlikely to be effective as the technology behind them is highly advanced. She spoke on the matter in the Loksabha and emphasized that in the G20 meeting, this matter will be discussed and will bring a standard operating protocol on crypto assets that would result in a comprehensive approach to regulation with all countries working together.
RBI’s stand on Cryptocurrency
The Reserve Bank of India (RBI) has previously called for an outright ban on cryptocurrencies, citing the risks they pose to the economy. The government, however, has yet to come to a decision on the matter. Sitharaman’s comments are significant as there have been speculations of stringent crypto regulation in India.
In January 2023, RBI Governor, Shaktikanta Das, reiterated his stance on an outright ban on cryptocurrencies, calling them nothing but gambling with no underlying value.
Despite the RBI’s stance, the Supreme Court of India stated that the business of dealing in virtual currencies should be treated as a legitimate trade protected by the fundamental right to carry out any occupation, trade or business under Article 19(1)(g) of the Constitution.
Wazirx CEO welcomes the move
The CEO of WazirX, Nischal Shetty, has expressed his support for India’s proposal of a global regulatory framework for cryptocurrencies, given their decentralized nature.
Overall, the comments from the Finance Minister and the discussions in the G20 suggest that India is taking a step forward in creating a coherent and comprehensive approach to the regulation of cryptocurrencies.
- Mobile app
- Telegram Channel
- Telegram Group
- Binance Referral Link
- Bitmex Referral Link
- (Recommended For Leverage) ByBit Referral Link
- Buy Ledger Nano at discounted price
- Buy Cool Wallets at discounted price
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks