Indiaās Finance Minister, Nirmala Sitharaman, suggested that regulation ācannot be doneā by a single country, it requires an international effort, in a recent television interview.
Speaking to Rahul Joshi on CNBC-TV18 in India on Feb. 3, SitharamanĀ notedĀ that while the central bank is the āauthority for issuing cryptocurrency,ā the rest of the digital assets created outside are āusing very useful financial technologies.ā
Sitharaman said that India is looking at a "global" standard operating procedure (SOP) to be āagreed uponā for regulating crypto assets, ahead of India hosting the G20 Finance Ministers and Central Bank Governors meeting in Bengaluru later this month.
She suggested that for crypto regulations to be effective it requires global consensus. She noted:
āRegulation cannot be done by any one country singularly, it has to be a collective action because technology doesnāt group any borders.ā
This comes after the news that Sitharaman didnāt mentionĀ any changesĀ to income tax laws in relation to crypto, central bank digital currency or blockchain technology in the union budget on Feb. 1.
There have been numerous developments on crypto regulations by various countries within the G20 in recent times.
Most recently, the Australian government released a token mappingĀ consultation paperĀ on Feb. 3, ahead of their plans to release a licensing and custody framework in mid-2023.
The Bank of Franceās governor Francois Villeroy de Galhau stated that FranceĀ shouldnāt waitĀ on EU crypto laws, and instead take action on licensing āas soon as possible,ā during a speech in Paris on Jan. 5
Brazil and ArgentinaĀ are having their own discussions about creating a common digital currency together, in an effort to reduce dependance on the U.S. dollar.
Meanwhile, Huang Yiping, a former member of the Monetary Policy Committee at the Peopleās Bank of China (PBoC), believes that the Chinese governmentĀ should reconsiderĀ its ban on cryptocurrency trading, suggesting it may not be sustainable in the long run.