Under India’s leadership of the Group of 20 (G20), active discussions are taking place regarding the establishment of a global framework for cryptocurrencies. India’s Finance Minister, Nirmala Sitharaman, has emphasized the need for global cooperation in formulating regulations for cryptocurrencies.

The Call for Global Cooperation

On August 28, Indian Prime Minister Narendra Modi advocated for international collaboration in crafting regulations for cryptocurrencies among G20 member states, comprising 19 countries and the European Union. Modi believes that emerging technologies, such as cryptocurrencies, which have a global impact, should be accompanied by regulations and a framework adhered to on both national and global levels.

Global Cooperation Is Imperative

Sitharaman confirmed that G20 members are actively working toward establishing a global framework for cryptocurrencies during the Global Fintech Fest on September 5. She emphasized that cryptocurrency poses both a threat and an opportunity, underscoring the necessity of global cooperation to create a responsible financial ecosystem capable of regulating cryptocurrencies worldwide. “Global cooperation is absolutely critical,” she added.