A major decision has been taken on cryptocurrency in the G20 summit. All the countries participating in the ongoing G20 Summit at Bharat Mandapam in Pragati Maidan, New Delhi have agreed that a global law is needed to regulate cryptocurrencies. For this there is a need to create a global regulatory framework. IMF-Financial Stability Board (FSB) will create this global regulatory framework. Giving this information, Finance Minister Nirmala Sitharaman told reporters that we are closely monitoring the rapid developments and risks in the cryptoasset ecosystem. Experts say that creating a global regulatory framework will help in curbing the misuse of cryptocurrencies. Currently, there is a danger of cryptocurrency being used for terrorist funding and wrongdoing.

We support the high-level recommendations of the Financial Stability Board (FSB) for the regulation and oversight of crypto-asset activities and markets and the global monetary system. We welcome the IMF-FSB Synthesis Paper. He further said that our Finance Minister and the Central Bank Governor will discuss taking forward this global roadmap in their meeting in October 2023. We also welcome the BIS report on the Crypto Ecosystem: Key Points and Risks.

PM Modi had emphasized on global framework

Recently, Prime Minister Narendra Modi called for a global framework on cryptocurrencies and ethical use of artificial intelligence (AI). The Prime Minister had said that there is a challenge related to cryptocurrency. Greater unity is needed in this matter. I think a global framework should be created in this regard, in which the interests of all stakeholders are taken care of.” He said that a similar approach is needed with respect to artificial intelligence. He said, “Today the world is looking at AI. There is a lot of enthusiasm being shown about it, but there are some moral considerations as well.