India’s Finance Minister Nirmala Sitharaman has indicated that discussions are underway on global regulations for cryptocurrencies ahead of the G20 summit. India is set to host the G20 meeting this week, where cryptocurrency regulations will be one of the key areas of concern. Sitharaman emphasized the need for cooperation among all countries to effectively regulate cryptocurrencies.
The Financial Stability Board and the International Monetary Fund have circulated a synthesis paper on crypto regulations to G20 member countries, which will be made public on September 7. The recommendations focus on mitigating risks related to financial stability. Indian Prime Minister Narendra Modi has also called for a global framework on cryptocurrencies, emphasizing the need for an integrated approach that considers the interests of all stakeholders.
Currently, most countries do not have specific laws governing cryptocurrencies, leaving the future of the industry uncertain.