Regulation of crypto without global consensus will be of no use: Sitharaman
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This was our proposal during India’s chairmanship of G20. I am glad that the G20 has put this on its agenda for this year. The International Monetary Fund (IMF) has given a circular on crypto currency on how it can affect macroeconomic stability.
Bangalore. Finance Minister Nirmala Sitharaman has insisted on building a global consensus on crypto regulation before any move from India’s side. He said that a global blueprint may have to be made on this. Everyone will have to work together on this, otherwise there will be no benefit of its regulation. The Finance Minister, however, said that this does not mean controlling the ‘distributed ledger technology’.
Sitharaman said, “It was our proposal during India’s G20 presidency. I am glad that the G20 has put this on its agenda for this year. The International Monetary Fund (IMF) has given a circular on crypto currency on how it can affect macroeconomic stability. The Financial Stability Board (FSB), set up by the G20, has agreed to deliver a report, which will also focus on financial stability.
He said, “The FSB report and the IMF report will be discussed in the G20 meeting of finance ministers and central bank governors in July. After that there will be a summit meeting of the Prime Ministers and Presidents of G20 countries in India itself in September.” The Finance Minister was responding to a question related to regulation of digital or crypto currency during an interaction with Thinkers Forum, Karnataka here.
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