Crypto Regulation Is One Of 8 Planned Priorities Under India's G20 Presidency, Says Finance Minister

Nirmala Sitharaman's comments came as the Reserve Bank of India launched its digital rupee pilot program for the wholesale segment. New

Indian Finance Minister Nirmala Sitharaman said she would like to show that the country is "moving fast" with digital financial technology as it prepares to take over the G20 presidency.

Speaking at the Indian Council for Research on International Economic Relations on November 1, Sitharaman said the people of India have embraced digital technology "like a fish to water". The finance minister added that regulating crypto assets is likely to be one of India's top priorities heading into the G20, but needs support from other members.

According to Sitharaman, India needed to work with organizations such as the International Monetary Fund, the Financial Stability Board, and the Organization for Economic Co-operation and Development to ensure that crypto "can be regulated with all country on board". India is expected to assume the G20 presidency after Indonesia handover in December.

“No country can succeed in individually siloing and trying to regulate crypto assets,” Sitharaman said.

Indian Finance Minister Nirmala Sitharaman, speaking at the 14th ICRIER Annual International G-20 Conference. Source: YouTube

Finance Minister said crypto regulation is in India's national interest due to potential for transactions to be used for "funding drugs", "terrorist financing" or "just to play with the system". .” She urged G20 members to coordinate their policies to see how best to manage crypto assets.

In July, Sitharaman