‘Crypto regulations will not be effective without global consensus’, says FM Nirmala Sitharaman

Underlining that global consensus is necessary for regulation of crypto, before India makes any move on it, Union Finance Minister Nirmala Sitharaman said a global template may have to be created, and everyone will have to work together on it.

Edited By Anwesha Mitra
Updated23 Apr 2023, 04:46 PM IST
Union finance minister Nirmala Sitharaman (BLOOMBERG)
Union finance minister Nirmala Sitharaman (BLOOMBERG)(MINT_PRINT)

Finance Minister Nirmala Sitharaman on Sunday emphasised the need for a global consensus for the regulation of cryptocurrencies. The top official opined that everyone would have to work together to create a global template in order to make regulations effective. The Minister however asserted that this did not mean controlling ‘distributed ledger technology’.

"No one country individually, in a matter of technology driven, a crypto asset, can effectively control it, because technology doesn't have any borders, it can just pass through. So the very character of it being technology driven requires all countries to be on board, or else it will not be effective," she said.

Sitharaman said that India's proposal on the topic had been included in the G20 agenda while the the IMF shared a paper on crypto currency and the way it can affect the macroeconomic stability. 

“The Financial Stability Board (FSB), which was set up by G20, has agreed to give a report that will also focus on financial stability. Their reports are going to be discussed in July when Finance Ministers and Central Bank Governors will meet under the G20,” she added. In September this year, India will also host a summit of Prime Ministers and Presidents of G20 nations.

ALSO READ: FM Sitharaman emphasizes caution in following financial influencers, ponzi apps

"The underlying principle is, because the digital currencies are completely digitalised and technology-driven, the technology which is very distributed, and some times identity is very difficult to be established, but which has potential, it will therefore have to be acted upon only with all countries coming on board," Sitharaman said. 

Highlighting that India is today being observed by the global community for the way in which it steered its own way through the pandemic, Russia-Ukraine war and its spillovers, Sitharaman said, inflation in India today is largely "imported" because of the price of fuel and fertilizers. 

(With inputs from agencies)

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First Published:23 Apr 2023, 04:46 PM IST
HomeNewsIndia‘Crypto regulations will not be effective without global consensus’, says FM Nirmala Sitharaman

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