Bitcoin: Finance Minister was answering a question related to regulation of digital or crypto currency during an interaction with Thinkers Forum, Karnataka. During this, he said that a global blueprint may have to be made on this. Everyone will have to work together on this, otherwise there will be no benefit of its regulation.
Crypto: There are many assumptions about cryptocurrency. In some countries, transactions are also being done in cryptocurrency, while in some countries, cryptocurrency is also banned. Meanwhile, cryptocurrency has not been accepted as currency in India. However, regarding cryptocurrency, Finance Minister Nirmala Sitharaman has insisted on creating a global consensus on the regulation of crypto before any step from India.
Gotta work together
The Finance Minister was responding to a question regarding regulation of digital or crypto currency during an interaction with Thinkers Forum, Karnataka. During this, he said that a global blueprint may have to be made on this. Everyone will have to work together on this, otherwise there will be no benefit of its regulation. The Finance Minister, however, said that this does not mean controlling the ‘distributed ledger technology’.
Focusing on crypto
Seetharaman said, “It was our proposal during India’s G20 presidency. I am glad that the G20 has put this in its agenda for this year. The International Monetary Fund (IMF) has given a circular on crypto currency on how it can affect macroeconomic stability. The Financial Stability Board (FSB), set up by the G20, has agreed to deliver a report, which will also focus on financial stability.
There will be a meeting
He said, “The FSB report and the IMF report will be discussed in the meeting of finance ministers and central bank governors under the G20 in July. After that there will be a summit meeting of the Prime Ministers and Presidents of G20 countries in India itself in September.
