The idea of ​​a technology-driven regulatory framework under the G20 has received mixed reactions

The G20 plays an important role in formulating cooperation policies and managing international finance and economics.

A day after Indian Finance Minister Nirmala Sitharaman talked about her plans to work towards a technology-based regulatory framework for cryptocurrencies within the G20, industry leaders have come up with a statement. mixed reactions to her statements.

Sitharaman talked about crypto regulations with reporters on the sidelines of the fall meeting at the IMF, World Bank and G20 Finance Ministers and Central Bank Governors (FMCBG) in Washington last week, media reports said.

Positive but contradictory

Blockchain Forum India co-founder Sharat Chandra said Sitharaman’s statement that the technology should not be affected to maintain regulation “sends a positive message to builders and entrepreneurs in the space” electronic money technology. It is a significant development for the digital asset and financial technology industry,” India’s Outlook reported.

Singapore-based venture capital firm Wen 3, Ajeet Khurana, founder of Reflexical Pte, said India’s finance minister’s position is pro-technology but not fundamental economics. conflict.

“Even if it is a technology-based regulatory framework, sooner or later all governments will have to take a clear stance on digital assets,” explained Khurana.

The CEO of analytics firm Web3, Mohammed Roshan, noted that regulation of technology-based crypto-currency looks like a near-miss right now.

“With the crypto industry and its stakeholders desperate for regulatory clarity, a technology-based overall regulatory framework for the nation will certainly be in place soon.” enter the card earlier,” – Roshan said.

Conflicting stance

India’s Finance Minister has repeatedly praised blockchain technology but also expressed reservations about its anonymity and how cryptocurrencies can lead to illegal activities and financial instability.

“We don’t want the technology to be messed up. We want the technology to exist and also be in a position for FinTech and other sectors to benefit from it,” she said in Washington.

In an example of how blockchain is being used to make life and systems better, India’s Firozabad district police recently launched such an online complaint registration portal to ensure victims of the criminal is not manipulated when filing a complaint.

But her usual skepticism about crypto was also evident during her Washington trip.

“But if it is a question of platforms, i.e. trading on already created assets, to buy and sell and make a profit, then what are we willing to set it up for? Can all countries understand currency trading? “- she commented.

G20 Presidents and Cryptocurrencies

India will hold the G20 Presidency from December 1, 2022 to November 30, 2023. The Group of Twenty includes 19 countries and the European Union and works on issues of cooperation and governance of the platform. international economy.

“We definitely want to collate all of this and do a little bit of research and then get it on the table of the G20 so members can discuss and hopefully come up with a framework or SOP so that globally, countries can have a technology – a proven regulatory framework,” – she told reporters.

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