The Finance minister says India would discuss cryptocurrencies during its G20 presidency to create a tech-driven regulatory framework

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India will chair the G20 for one year, from December 1, 2022 to November 30, 2023. India is expected to host over 200 G20 meetings across the country under its presidency starting December 2022.

“This (crypto) will also be part of India’s agenda (during the G20 presidency),” Sitharaman told a group of Indian reporters on Saturday before ending her trip to Washington DC, where she attended the annual meetings of the International Monetary Fund and the World Bank.

Ms. Sitharaman has been a strong advocate for global regulation of cryptocurrencies to combat the risks of money laundering and terrorist financing.

Pointing out that institutions affiliated with the G-20 or the World Bank or any such organization conduct their own assessments and studies on matters related to cryptocurrencies or crypto-assets, the minister said, “We would definitely want to compile all of this and study it a little bit and then bring it to the table of the G-20 so that members can discuss it and hopefully come up with a framework or an SOP so that countries around the world can have a technology-driven regulatory framework.”

The G20 is an intergovernmental forum that includes 19 countries and the European Union. It addresses important issues in the global economy, such as international financial stability, climate change mitigation and sustainable development.

Ms. Sitharaman stressed that no single country can effectively manage or regulate cryptocurrencies in any way.

“But we don’t want the technology to be disrupted. We want the technology to survive and also be able for the FinTech industry and other sectors to benefit from it.

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