The RBI governor has claimed that G20 members are requesting strong crypto restrictions as India gets ready to host the G20 Summit.
According to RBI Governor Shaktikanta Das, several G20 members have spoken for the possibility of outright banning cryptocurrencies. Nirmala Sitharaman, the finance minister of India, stated that G20 members have acknowledged India’s stance on cryptocurrencies before to the Group of Twenty summit.
G20 participants discuss cryptocurrency regulation
By September, when India will be hosting the Group of Twenty conference, the deliberations on the global framework for cryptocurrency legislation are anticipated to be finished.
The Indian Finance Minister stated that there is almost universal agreement that anything not issued by the central bank is not a currency during a press conference following the first G20 Finance Minister and Central Bank Governors (FMCBG) meeting.
Sitharaman added that India has long held this view on cryptocurrencies, and this position is now receiving acknowledgement from so many different members.
India is introducing its own CBDC to fend off competition from cryptocurrencies. In response to a question about crypto rules, Sitharaman stated that by taking into account macroeconomic and regulatory viewpoints, the Group of Twenty nations have come closer to adopting a coordinated and complete policy strategy to deal with the crypto assets.
The governor of the RBI noted that several possibilities are being considered when it comes to cryptocurrency laws. He continued that it’s too early to speak on what would be the ultimate architecture.
