Regulating Crypto Without Global Consensus Will Not Be Effective: Finance Minister

The Finance Minister of India, Nirmala Sitharaman, emphasized the importance of achieving global consensus before regulating cryptocurrencies. She suggested that all stakeholders need to collaborate on creating a universal framework for regulating cryptocurrencies, otherwise, any regulation imposed would not be effective. She also clarified that her statement was not intended to imply control over the underlying technology of cryptocurrencies, known as distributed ledger technology, which has many benefits and potential uses. "The G20 of which the India is currently holding the Presidency, it was India's proposal and it has been taken on board, I'm glad that the G20 has kept it in its agenda for this year, the IMF has given a paper on crypto currency and the way it can affect the macroeconomic stability. The Financial Stability Board (FSB), which was set up by G20, has agreed to give a report that will also focus on financial stability," Sitharaman said.