India will take over as chairman of the G20 group and will continue to rule the international union for the next one year, starting in December, according to Finance Minister Nirmala Sitharaman. In a recent press briefing, India said that deciding on the role of crypto in the existing fintech structure was key to India''s year-long G20 presidency.
Nirmala Sitharaman, the finance minister, said that no one country can handle and form effective measures to safeguard the crypto community from widespread market volatility and the use cases of digital assets on its own.
As a result of Sitharaman''s call for a global standard on regulations, Mohammed Roshan, the CEO and co-founder of GoSats, has said that instead of each country having distinct policies, Sitharaman is at ease.
"Close''s transformative potential isn''t correlated to any specific jurisdiction, but encompasses all over the world. This raises hopes that we can be on the forefront of the crypto revolution in order to develop progressive policies that will increase innovation in the country and serve as a model for the rest of the globe," said Roshan.
Members of the G20, including Argentina, Australia, Brazil, Canada, China, and France, are already reviewing a draft legal framework for the cryptocurrency sector.
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The proposals submitted to the G20 are aimed at increasing accountability to cryptocurrency transactions, contrary to the current largely anonymous crypto transfer facilitations.
Under a shambles of anonymity, crypto companies are often misused for transferring large amounts of money to cross-border locations.
The Finance Minister emphasized in her speech at a recent press briefing that the use of crypto in money laundering is a complex issue involving digital assets.
She said that several other member nations of the G20 have expressed concern over the same topic while reaffirming the need for an international consensus on crypto rules. We do not desire the technology to be disturbed. We must also ensure that the financial industry and other sectors are protected from it. If it''s a question of platforms, trading of assets that have been created, buying and selling making profits, and are these countries in a position to understand the money trade, then do we need to know for that purpose? Because the finance minister said
According to a recent poll, the KuCoin cryptocurrency exchange claims that India currently has 115 million crypto investors, making up 15 percent of its huge population.
The Reserve Bank of India (RBI) is advocating a ban on the cryptocurrency industry, owing to which the Finance Minister slammed in July for worldwide assistance in crypto regulations.
"The future of crypto in India would depend on whether these regulations are beneficial or not, at least in the short to medium term. For one, we can hope for a more equitable tax policy that will balance investor sentiments along with the government''s plans to generate revenue from the sector," added Roshan.