India has been opting for the “wait and watch” policy over digital assets related regulations for a very long time. After the pilot launch of the Digital Rupee (CBDC), the Asian nation is looking to steer focus on the crypto regulations in the upcoming G20 summit.
Crypto rules to be in focus at G20
As per reports, Nirmala Sitharaman, Indian Finance Minister has outlined eight priority areas for major discussions under its G20 presidency. However, this list includes crypto regulations and their impact. The G20 summit will begin on December 1, 2022.
It added that the Asian nation will be pressing for collective efforts to manage the spillovers happening around the globe. It will urge the advanced economies to look after global regulation of crypto assets in order to check terror funding.
Finance Minister has stated that there is a need for global regulations around digital assets to restrict money laundering and terror funding. She added that it will be a collective effort as no single country can succeed individually in trying to regulate digital assets.
Collective effort needed
Nirmala Sitharaman stressed that it is important to take action in building a money trail. So that unregulated cryptocurrency should not get involved in drug funding, terror funding, or gamining the system.
She suggested that we have the members of G20 come forward to build the best needed thing as a single country will not be able to do this.
Earlier, Coingape reported that India will be initiating the release of the Digital Rupee (e₹-W) from November 1, 2022.