The regulation of cryptocurrencies was discussed between G20 finance ministers and central bankers, where it was agreed that this issue should be dealt with globally. India’s Minister of Finance, Nirmala Sitharaman, stressed that any action on digital currencies must be global, and that it would not be possible for any country to deal with this issue independently.
Cryptocurrencies can cause economic stability, and this issue cannot be restricted to a specific region of the world. A road map for regulating cryptocurrencies will be prepared based on discussions in September and October, and a joint IMF-FSB synthesis paper will be drawn up. She noted that the discussion among the G-20 finance ministers had been “very substantive”, and that all ministers had agreed that any actions related to digital currencies.
It must be universal and consistent with applicable domestic and international laws, and must take into account consumer protection and the fight against kippran crime. These discussions come in the light of the increasing use of digital currencies in the world, specifically bitcoin, which has seen its value rise considerably over the past period. This approval of the global regulation of digital currencies is an important step towards harmonizing relevant laws and legislation and achieving global economic stability.
The announcement comes after China announced its plan to launch its own digital currency, raising concerns among some about its implications for the global economic system. This move from China, the world’s largest digital currency market, is a clear indication of the importance of the topic and the need to regulate it globally.
The G-20 is expected to take practical steps to regulate cryptocurrencies, which may include uniform laws and legislation to regulate this area and ensure the stability of the global economy, equity and transparency in trades and transfers. Thus, the move will have a significant impact on the future of digital currencies and on the global financial system in general.