India is negotiating with the Group of 20 to develop an international standard for digital currencies

Pointing to the need for a standard and common operational protocol for digital currencies, India requested the G-20 members to negotiate in this regard. Nirmala Sitharaman, India’s Minister of Economy, revealed this point in response to a question from one of the country’s parliamentarians about the future of digital asset legislation in India.

According to Wallex and quoted by Bein Crypto, the Minister of Economy of India added:

At the G20 meeting, we will raise this issue and have detailed discussions with members about it to reach a standard operating protocol that will lead to a coherent and comprehensive approach where all countries work together on regulation. will cooperate

This was Sitharaman’s answer to a question about the country’s road map for Web 3.0 legislation. India took over the rotating chairmanship of the G20 from Indonesia last December. Sitharaman confirmed that currently, digital currencies in India are not regulated by any specific law.

He pointed out that due to the technological nature of this field, no single country will be able to control and direct this field.

According to Sitharaman, a consensus is being formed in this regard, and for this reason, India intends to raise this issue at the G-20 meeting.

Last year, Sitharaman emphasized that the regulation of digital currencies requires international consensus. He acknowledged that any law to regulate or ban digital currencies will be effective only after international participation in assessing risks and benefits and after reaching a common standard and language.

Pankaj Chaudhary, Deputy Minister of Economy, in response to a separate question, said that the Indian government is coordinating with the G-20 members to create an international framework for the regulation of digital assets.

He said:

The government is negotiating with the G20 countries to establish international coordination regarding policies related to digital currency assets.

The post India negotiates with G20 to develop international digital currency standard appeared first on Wallex Blog. appeared.