Nirmala Sitharaman Believes The World Should Take A Collective Action To Crypto Regulations

Nirmala Sitharaman

Nirmala Sitharaman, the current Finance Minister of India, went on to suggest that the regulation of crypto could not be done by just a single country. Rather, she went on to claim that it would take an international report, which she held on to at a recent television interview. She had been in a discussion with Rahul Joshi on CNBC-TV 18 on the 3rd of February, where she noted that although the central bank was definitely the major authority towards issuing cryptocurrencies, the other digital assets that had been manufactured outside were also utilizing major financial technologies.

The Finance Minister further stated that the country was looking towards a global standard operating procedure that the world could agree upon when it came to regulating the assets of crypto. This was quite an important declaration that she made ahead of hosting the G20 finance ministers and the governors of the Central Bank in Bengaluru in the last week of this month.

Nirmala Sitharaman Has Talked About The Necessity Of Crypto Regulation

This declaration by Nirmala Sitharaman came after the news that the finance minister hadn’t brought up any changes to the laws in income tax which were in relation to the crypto industry, blockchain technology, or the CBDC- central bank digital currency, in the union budget on the 1st of February. India isn’t the only country that has gone through a massive development when it comes to crypto regulations- as most of the countries in the G20 have had some measure or law implemented by the legislature.

Quite recently, the government in Australia brought out a token mapping consultation paper on the 3rd of February, just a few days before they plan on releasing a custody and licensing framework in the middle of 2023. Quite similar to what Nirmala Sitharaman believes, both Argentina and Brazil have also had their discussions about creating a common digital currency that would reduce the dependence on the USD.