Regulation Of Cryptocurrency Sector On Agenda For G20 Meeting, Says Nirmala Sitharaman The Economic Survey released on January 31st, highlighted the need for a common approach for the regulation of cryptocurrency, adding the underlying risks and high volatility of the sector

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

Union finance minister Nirmala Sitharaman, last Friday, had said that meetings will be held with finance ministers and central bank governors of G20 countries on the regulation of the cryptocurrency sector.

In a post-Budget analysis with Network18 Group's MD Rahul Joshi, the finance minister said that the central bank will be recognized as the authority to issue cryptocurrencies.

While talking about her agenda for the G20 meeting expected to happen in Bengaluru in this month, Sitharaman said in a statement that, "We will be looking at global SOP to be available and agreed upon for regulating crypto assets while recognising the central bank as the authority for issuing cryptocurrencies. The rest of the assets created outside that, are using very useful financial technologies, even those have to be discussed because regulations cannot be done by one country singularly, it has to be a collective action because technology doesn't break any borders."

As per reports, the Economic Survey released on January 31st, highlighted the need for a common approach for the regulation of cryptocurrency, adding the underlying risks and high volatility of the sector. On the backdrop of this, some of the industry players expected to get clarity on crypto at this year's G20 Presidency. But they were unsatisfied with the Budget announcement as there was no announcement made for the sector.

On February 4th, Economics Affairs secretary Ajay Seth, has also reportedly said that the legislation governing the crypto assets would be implemented this year. He also added that the technology of crypto assets like blockchain and others can be used but its use in the financial sector can have several risks. In the course of this year, measures around crypto would be brought out.

Rajagopal Menon, vice president, WazirX, a cryptocurrency trading platform, in a news report was quoted as saying, "With India as the president of the G20, we can set the agenda for regulation which the rest of the world will follow. In general, the fundamental regulatory principles used in the conventional banking industry can be adapted in the cryptocurrency industry."

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

'They're the Backbone:' Walgreens Says Using Robots to Fill Prescriptions Helped It Save $500 Million. Here's How.

Walgreens says its robot-assisted centers fill 16 million prescriptions a month.

Business News

President Donald Trump Announces China Trade Deal, Though One Loophole Stays Closed

The de minimis provision (and how it affects cheap purchases from Temu and Shein) was not mentioned in the deal.

Business News

Elizabeth Holmes' Partner Raises Millions for New Blood Test Diagnostics Startup: 'We've Learned From Her Company's Mistakes'

The startup insists it isn't Theranos 2.0 and that Holmes, who's serving a prison sentence after being convicted of fraud, "has no role."

Marketing

How to Invest in the Growth of Your Business Despite An Uncertain Economy

With the economy in flux, many entrepreneurs are restricting marketing dollars. This is the perfect time to allocate dollars and dominate your industry.

Business Solutions

Save $90 on the Microsoft Office Apps Your Business Needs

From emails to spreadsheets, this version has what every leader needs.