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Game-Changing Agreement Reached on Global Cryptocurrency Regulation: Brace for Major Impact

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A Big Decision on Cryptocurrency at the G20 Summit


A big decision has been taken on cryptocurrency at the G20 Summit. All the countries involved in the ongoing G20 Summit at Bharat Mandapam at Pragati Maidan in 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. The IMF-Financial Stability Board (FSB) will form this global regulatory framework.

Monitoring and Risks

Finance Minister Nirmala Sitharaman told reporters that we are closely monitoring the rapid development and risks in the crypto asset ecosystem. Experts say that creating a global regulatory framework will help curb the misuse of cryptocurrencies. Right now, there is a risk of cryptocurrency being used in terrorist funding and wrongdoing.

Support for Recommendations

We support the high-level recommendations of the Financial Stability Board (FSB) for regulation and monitoring of crypto-asset activities and markets and the global currency system. We welcome the IMF-FSB synthesis paper. He further said that our Finance Minister and Central Bank Governor will discuss taking forward this global roadmap in their meeting in October 2023. We also welcome the BIS report on crypto ecosystems: key points and risks.

PM Modi’s Emphasis

PM Modi had emphasized on global structure

Recently, Prime Minister Narendra Modi had 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. There is a need for greater unity 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 a similar approach is needed with regard to artificial intelligence. “Today the world is showing a lot of enthusiasm about AI, but there are also some ethical considerations.

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