• India called for the development of an international policy on cryptocurrency during the G20 summit.
• Finance Minister Nirmala Sitharaman asked for G20 cooperation on crypto regulation and mentioned the need to consider long-term effects of crypto assets.
• The Indian cricket governing body, BCCI has warned against accepting cryptocurrency as payments or sponsorships after banning male cricket players in 2022.
India Calls For Unified International Crypto Policy at G20 Conference
India recently asked other countries to consider the long-term effects of crypto assets and called for the development of a unified international policy during the inaugural G20 Finance Ministers and Central Bank Governors (FMCBG) conference under India’s chairmanship. This kind of thinking has entered the mainstream under India’s G20 presidency.
Need For G20 Cooperation
During their February 24-25 FMCBG meeting, members discussed benefits and dangers of technological advances, policy approaches to expanding financial inclusion and productivity gains for the G20, along with financial stability and regulatory goals. Finance Minister Nirmala Sitharaman stressed the need for G20 cooperation to encourage responsible technology advancements and maintain the stability of the financial system.
IMF’s Detailed Research On Macro-Financial Effects Of Crypto Assets
Sitharaman expressed her gratitude to those who have backed legislation to regulate cryptocurrency and associated assets, specifically asking for a worldwide effort to develop and comprehend macro-financial ramifications which might be utilized to alter crypto laws throughout the world. She then extended her gratitude to the International Monetary Fund (IMF) for publishing detailed research on macro-financial effects of cryptocurrency.
BCCI Warns Women’s Premier League Against Accepting Cryptocurrency
Indian cricket’s governing body, BCCI issued a 68-page document warning Women’s Premier League against accepting cryptocurrency as payment or sponsorship after male cricket players were banned in 2022. A few local cryptocurrency exchanges such as CoinSwitch Kuber, CoinDCX have worked with Indian Premier League before this ban was imposed by BCCI.
In conclusion, India is leading by example when it comes to advocating collaborative efforts towards regulating cryptocurrencies globally while also taking into account its long term implications on global economy as well as emphasizing on maintaining financial stability.