Indian minister Nirmala Sitharaman has called all countries worldwide to come together to create a regulation that would help the crypto space. According to the country’s Finance minister, regulating the demanding sector cannot be achieved by one country as it needs the effort of every nation. During an interview on February 3, Sitharaman mentioned that while the Central bank has authority over cryptocurrencies, other digital assets are also built on very sophisticated technology.
The Indian minister echoes the importance of a global regulation
The Indian minister noted that the country is looking forward to agreeing with the rest of the world on a global standard to regulate the assets. She said that this issue and many others would be discussed by the G20 finance ministers when they meet in the country in the next few weeks. In her suggestion, the world must come together to achieve a global standard for regulating crypto. She mentioned that since technology has no borders, it is essential that countries come together to ensure they make it safe for everybody.
Countries are drumming up crypto regulations
This news is coming from an earlier report that the Indian minister has refused to comment on any changes that would be effected in its crypto income tax laws. Asides from crypto, the income tax laws also cover CBDC and blockchain. However, this has been the trend across countries that are part of the G20 in the last few years. Most have created or developed various laws used in their crypto industry over the previous few years.
For example, Australia recently released a document to consult the public on its token mapping. According to the government, it will use the consultation period to shape its custody framework design for the better. Besides that, France also wants to go ahead with its crypto laws. As echoed by the Governor of the bank of France, the country does not need to wait for the EU before it drafts and passes its rules in the crypto sector.
Meanwhile, Brazil and Argentina are the only pair looking to team up to create a joint digital asset. The countries believe this will help them remove their dependence on the dollar. However, in a stance towards supporting crypto, an ex-member of the monetary policy team has urged China to reconsider its decision to ban crypto trading while stating that it could have dire consequences.