G20 Summit: Big decision taken on cryptocurrency in G20 summit, consensus reached on making global law

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A major decision regarding crypto currency was taken in the summit of G20 countries held at Bharat Mandapam in Pragati Maidan, Delhi. All the countries included in G20 have agreed that cryptocurrency A global law is needed to regulate it. For this there is a need to create a global regulatory framework. Giving this information, Finance Minister Nirmala Sitharaman said in the press conference that we are closely monitoring the rapid developments and risks in the cryptoasset ecosystem. Union Finance Minister Nirmala Sitharaman said, digital public infrastructure has also been integrated into the G20 Financial Inclusion Action Plan, which will run between 2024 and 2026.

Creating a global regulatory framework will tighten the noose on misuse of crypto currency.

By creating a global regulatory framework, misuse of crypto currency can be curbed. At present, there is a danger of cryptocurrency being used in terrorist funding and wrongdoing all over the world.

PM Modi had pointed towards the danger of emerging digital mediums like cryptocurrency

Prime Minister Narendra Modi had said before the G20 summit that terrorist organizations are using technology to spread radicalization and are taking advantage of emerging digital mediums like dark net, metaverse and cryptocurrency platforms. He also expressed the need for global cooperation to deal with cyber crimes. The Prime Minister said in an interview with PTI that the World Bank estimates that the world has suffered a loss of about US $ 5,200 billion during 2019-2023 due to cyber attacks. He said that these have an impact on such activities beyond the financial aspects, which are very worrying. This may have social and geopolitical implications. He said, from cyber terrorism, online radicalization, money laundering to the use of network platforms to finance drugs and terrorism… This is only a small part of the real challenge, which is visible.

#WATCH , G20 in India | On being asked about Cryptocurrency, Union Finance Minister Nirmala Sitharaman says, “The FSP’s report has concentrated more on regulation and IMF has looked at the macroeconomic implications. So, G 20 members will go through the synthesis paper in… pic.twitter.com/D4imXiyt9V

— ANI (@ANI) September 9, 2023

Terrorists are using platforms like cryptocurrency for their activities

PM Modi said that cyberspace has added a completely new dimension to the fight against illegal financial activities and terrorism. Terrorist organizations are using technology for radicalisation, money laundering and diverting drug money to terror financing, he said. They are using emerging digital methods like dark net, metaverse and cryptocurrency platform to fulfill their nefarious intentions.

Prime Minister said, there is a need to take cyber threats very seriously

Emphasizing the need to take cyber threats very seriously, the Prime Minister said that financial loss is only one aspect of its adverse impact. He said that apart from this, cyber attacks can also have an impact on the social fabric of nations. Modi said the spread of ‘deep fakes’ could lead to chaos and damage the credibility of news sources. He said that fake news and ‘deep fake’ can be used to disturb social peace. He further said, in such a situation it is a matter of concern for every group, every nation and every family. That is why we have taken it as a priority.

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