Jakarta, CNBC Indonesia – The G20 Presidency, which will be led by India, will raise questions related to the regulation of the use of global cryptocurrencies.
Launching Reuters, Indian Finance Minister Nirmala Sitharaman said G20 countries should consider regulating the use of crypto in today’s sophisticated technology.
“We are talking to all countries, that if regulation is needed, then one country cannot do anything,” Sitharaman said, as quoted on Saturday (2/11/2023).
Sitharaman revealed that his party has communicated with various countries regarding regulations regarding the use of crypto. He said he would create a standard operating procedure that all countries could follow when setting up a regulatory framework.
“We are talking to all countries, if we can come up with standard operating procedures that everyone will follow to create a regulatory framework, and if that can be effective,” he added.
In fact, Indian Prime Minister Narendra Modi has been considering bills to regulate or ban the use of cryptocurrencies for a few years. But so far, there is still no clear decision.
As is known, last year Modi said that a global collective effort was needed to deal with the problems posed by cryptocurrencies. The Reserve Bank of India has said cryptocurrencies should be banned as they are akin to Ponzi schemes.
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