The G20 plans to develop a common framework to help all countries deal with the risks associated with cryptocurrency investments.
The G20 called for global crypto policies coordinated with the vision laid out by Indian Finance Minister Nirmala Sitharaman. However, Sitharaman believes that the different reforms to be implemented will not help address the global reach of cryptocurrencies.
Sitharaman: We Work to Develop a Collaborative Structure
Speaking at the Peterson Institute for International Economics in Washington DC, Sitharaman said that while underscoring the bankruptcies in the crypto market, a coordinated effort from all jurisdictions is needed.
Making a statement on the subject, Sitharaman used the following statements: “Given the bankruptcies in the cryptocurrency markets, cryptocurrencies are a very important part of the discussion under the G20 India presidency. We are trying to develop a common structure for all countries to address this issue.”
Sitharaman also touched on the G20’s goal of bringing global economies together to combat debt crunch and hyperinflation in smaller economies such as Sri Lanka and Ghana. Sitharaman: “In the G20, there is an opportunity for India to bring all countries together to address the debt crunch in middle-income and low-income countries. Multilateral institutions can offer solutions for countries under debt burden within 3-5 years.
India’s G20 presidency will expire on November 30, 2023, with about seven months left for the group of 20 countries to carry out comprehensive crypto reforms that can be implemented in their jurisdiction.
In addition, India’s own payment network, the unified payments interface (UPI), continues to expand its field of activity.
Finally, Singapore’s PayNow fast payment system has integrated UPI to allow fast cross-border payments. During the announcement, it was announced that State Bank of India, Indian Overseas Bank, Indian Bank and ICICI Bank will facilitate outgoing remittances while Axis Bank and DBS Bank India will facilitate inbound remittances.
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