- Indian finance minister calls on world financial bodies to discuss crypto regulation.
- She believes no country can singularly regulate crypto successfully.
- Previously, Indian Reserve Bank published a concept note for the launch of CBDC.
Nirmala Sitharaman, the Minister of Finance in India, has called on international monetary authorities to come together and understand how crypto assets may be regulated for the global economy’s safety.
The minister specifically mentioned the International Monetary Fund (IMF), Financial Stability Board (FSB), Bank of International Settlements (BIS), and Organization for Economic Co-operation and Development (OECD).
In her words:
No single country can succeed individually, being in a silo, trying to regulate the crypto assets. So we will have to bring all [regulatory bodies] together and then put it on the table for the members to have a meaningful conversation on it
According to a report, Sitharaman said framing crypto assets would be one of eight priorities for the nation’s year-long G20 Presidency commencing next month. Anantha Nageswaran, India’s Chief Economic Advisor, added that identifying “consensus-based solutions for accelerating the scale and scope of the response of the global community to many transboundary challenges, such as regulation of virtual assets,” would be a priority objective of India’s G20 Presidency.
Early this last month, the Reserve Bank of India (RBI) released a 50-page concept note for the launch of a central bank digital currency (CBDC). In the report, the country looks forward to establishing a retail CBDC for individuals and businesses and a wholesale CBDC to simplify interbank transactions.
As per the concept note, the Indian CBDC (e₹) would be a legal tender that exchanges at a one-to-one ratio with the current Indian Rupees. Additionally, citizens could be able to take loans with the digital currency.
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