India, the current G20 chair, Finance Minister Sitharaman stated that discussions on regulating cryptocurrency assets will be held.

This past Saturday, Nirmala Sitharaman, the Finance Minister of India and the current G20 Chair, stated that the issue of regulating crypto assets will be discussed at this year's G20 meetings. She emphasized the need for countries to reach a consensus on this matter and to regulate crypto assets in a globally coordinated manner.

India Assumes G20 Presidency for this Term

India's term runs from December 1, 2022, to November 30, 2023, during which it will host 200 multi-themed meetings. Additionally, the Heads of State summit will be held in New Delhi, the capital of India, from September 9 to 10.

The G20 is composed of 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union. The G20 represents about two-thirds of the world's population, approximately 85% of global GDP, and about 75% of global trade, serving as a crucial forum for international cooperation among major developed and developing countries. Originally focused on broad macroeconomic issues, the G20 has expanded its agenda to include areas such as trade, climate change, sustainable development, health, agriculture, energy, environment, climate change, and anti-corruption.

Discussion on Common Standards for Cryptocurrency Regulation

Indian Finance Minister Nirmala Sitharaman stated last Saturday in New Delhi to the Reserve Bank of India board:

Cryptocurrencies are largely technology-driven with less human intervention. We are discussing with other member countries. If there is a need for regulation, it can't be done by one country alone. So, we are discussing with everyone to have a standard operating procedure (SOP) to ensure that it is effective.

According to a report by The Economic Times, Sitharaman has stated on various occasions that India will urge everyone to work together for global regulation of crypto assets and to curb terror financing.

With the rise in financial stability risks, cryptocurrency regulation issues have recently become significant parts of policy agendas in various countries. International forums such as the OECD and G20 are also discussing a globally coordinated approach to regulating crypto assets. The G20 established a Digital Economy Working Group in 2021, aiming to provide inspiration and broad guidance to policymakers on harnessing the digital potential of economies.

India ranks fourth globally in the adoption of cryptocurrencies in the Chainalysis Cryptocurrency Adoption Index and has been taxing cryptocurrencies since April last year.