India Calls for Global Collaboration on Crypto Regulation
India Advocates for Global Crypto Regulation
Indian Finance Minister Nirmala Sitharaman has called upon international financial institutions, including the IMF, FSB, BIS, and OECD, to collaborate on regulating cryptocurrency. She emphasized that no single country can effectively regulate crypto assets independently, highlighting the need for a unified global approach.
Push for CBDC Development
The Reserve Bank of India (RBI) recently released a concept note for a Central Bank Digital Currency (CBDC), proposing both retail and wholesale digital currencies. The e₹ would be exchangeable with physical rupees and could facilitate loans, enhancing financial inclusion and efficiency.
India's G20 Presidency Focus
As India prepares for its G20 Presidency, crypto regulation and consensus-based solutions for global economic challenges are key priorities. Anantha Nageswaran, India's Chief Economic Advisor, underscored the importance of addressing transboundary issues through international cooperation.
This initiative reflects India's proactive stance in shaping the future of digital currencies and global financial governance.
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