Intercontinental regulation – India will soon lead the G20. During its presidency, the country intends to stimulate a movement which will allow the members of the organization to have a regulatory device intergovernmental of cryptocurrencies.
The world’s major economies will look at the Bitcoin (BTC). During a press briefing on October 15 with a group of Indian journalists, the Minister of Finance, Nirmala Sitharamansaid that cryptocurrencies will be on the agenda of India, during the term of its presidency of the G20from 1is next December to November 30, 2023.
The Minister revealed that India wishes ” bring together and analyze the various assessments and studies on cryptocurrencies, which the institutions linked to the G20, the World Bank, and other organizations, have carried out.
The country then wishes to present this synthesis to the members of the G20, to discuss it and in the hope of ” have a technology-driven regulatory framework ” at the World level.
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A technology to be regulated and protected: between regulation and innovation
India therefore wants to coordinate efforts in the regulation of cryptocurrencies across the 19 countries and the European Union, which make up the G20. The Minister of Finance underlined the fact that no country alone cannot effectively regulate cryptocurrencies.
To probably support this idea of a need for a intergovernmental regulatory framework, she did not fail to recall that some criminals use digital assets for their illicit activities. In particular, she mentioned the issues relating to money laundering via cryptocurrencies, which the Enforcement Directorate recently detected in India.
Although his country thus wishes the development of a global regulatory framework governing cryptocurrencies, Nirmala Sitharaman nevertheless specified that despite this initiative, “ we want technology to survive ».
In this context, this regulation should allow “ to FinTech and other sectors to benefit from the innovation that blockchain and cryptocurrencies bring.
The Indian authorities had already sought the opinion of Indian and international organizations to develop its consultation paper on digital assets. The country thus wants to continue this collective game of regulation by taking it to the next level, involving the world’s largest economies. India seems to be aware of the fact that while cryptocurrencies know no borders, the regulatory framework who supervises them should then also follow this logic.
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